If you and your spouse are separated, but not divorced, you may need a Free Trader Agreement before you buy or sell real estate. A Free Trader Agreement is a simple document signed by spouses who are separated, but not yet divorced. The Agreement allows them to buy and sell real estate during their separation without the other spouse acquiring any marital interest or rights in the property or having to sign any papers relative to the newly acquired property.
What are the requirements of a Free Trader Agreement?
- It needs to be signed by both spouses.
- Both signatures must be acknowledged before a Notary Public.
- It should be recorded with the Register of Deeds (also note that Registers of Deeds in North Carolina require a 3 inch top margin or you get charged extra).
- The recording cost is currently $26.
- Contact Irvine Law Firm if you would like us to prepare your Free Trader Agreement.
- If you and your spouse are currently separated or preparing to separate, please review our informative paper on Preparing To Separate. If we can help you with your other legal needs, please check out our Online Legal Services or Contact Us.