My spouse wants me to sigh a free trade agreement, we are not separated, does this free trade agreement only apply to real property he purchases after the free trade agreement is signed . What if he uses funds from land sold in both our names . strong textWe it affect any of our other assets?
You will need to read the exact language of the free trader to determine exactly what it covers but a standard free trader agreement provides that any real property acquired after the execution of the free trader agreement is that spouse’s separate property.
If your husband uses funds from the sale of land that is classified as marital property, then you may have an argument that a portion of the separate property is still marital property due to the source of funds. However, it is best to have a full and binding property settlement in place before any free trader agreements are signed and additional property is purchased.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
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