Palm Beach Florida Designation of Separate Property and Release of Marital Property Rights Regarding Certain Real Property - Free Trader Agreement as to Certain Real Property

State:
Multi-State
County:
Palm Beach
Control #:
US-01395BG
Format:
Word; 
Rich Text
Instant download

Description

A free trader agreement is often used between spouses when one spouse wants to purchase property without putting their spouse on the deed. It is also used to ensure that the spouse does not obtain an interest in the property. The spouses typically agree that neither will create any obligation in the name of or against the other, nor secure or attempt to secure any credit upon or in connection with the other, or in his or her name. This form only deals with a particular piece of real property.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Thus, your spouse might be entitled to your separate bank account during the equitable division of property. In Florida, the judge has jurisdiction to determine whether the funds on a bank account with only one spouse's name are marital or separate property.

Examples of community property may include: Wages earned by either spouse during the marriage. Home and furniture purchased during the marriage with marital earnings (reword) Interest income earned by business investments and operations.

If at any time you place your spouse's name on the house, it becomes a marital asset that is divided equally no matter the facts or circumstances. You could have bought the house 20 years prior to the marriage and paid for it in full prior to the marriage.

Community property states include: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In these states, any assets acquired by spouses throughout their marriage is labeled as community property, regardless of who buys it.

Community property is made up of assets that come into marriage during the marriage through any means other than inheritance or gift. Assets acquired by the husband or wife, regardless of how those assets are titled are viewed as assets of the marital community. Not all states recognize community property.

Florida is a common law (or separate property) jurisdiction, which generally means that property titled in one spouse's name is presumed to be that spouse's own property.

What are the two types of property addressed in community property laws? Owned property and rented property.

Under community property, spouses own (and owe) everything equally, regardless of who earns or spends the income. Community property is also known as marital property.

Marital property in Florida is anything acquired during the marriage with money earned while married. It does not matter whose name the asset is titled in. There are many unique rules that govern gifts, inheritances, retirement accounts, and family businesses.

Quick Info: Is a home bought before the marriage divided in a divorce? In a Florida divorce a pre-existing house is normally not marital property and therefore is not divided. One exception is if marital funds are used to pay down a mortgage, significantly improve the house, or are used to refinance the house.

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Palm Beach Florida Designation of Separate Property and Release of Marital Property Rights Regarding Certain Real Property - Free Trader Agreement as to Certain Real Property