Free Trade VS Quit Deed

My boyfriend and his wife own a house. They filed for divorce but it is still pending. She would like for us to refinance the house that he is currently living in with my name and his and use the Free Trade Agreement, but would we also need a quit claim deed? She wants us to refinance and give her some of the equity in the house. Do we wait to do the refinance till the divorce is final? We signed divorce papers 2 years ago and we just found out that the paperwork was never filed. just want to make sure that we look out for our best interest.

If the terms of the separation are in a separation agreement and signed and notarized by both spouses, then that does not need to be filed with the court and the terms are legally binding. If so, and if the terms require that your boyfriend refinance the house, then he can go ahead and do that now - he does not have to wait until the divorce is final.

The wife will need to sign a quitclaim deed or special warranty deed, as designated in the separation agreement, so that the house will no longer be titled in her name. Your boyfriend will likely not need a free trader agreement if he has a fully executed separation agreement.


Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

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