Hello,
I want to thank for any responses you can provide for my situation.
I have a court filed separation agreement with my stbx that divides “all marital and/or divisible properties fully and equitably”. I am looking to buy a primary residence now (she is keeping the marital house as per the separation agreement). Do I need to have a “Free Trader Agreement” on top of this? Also, if I end up buying the property do I need her to sign a quit claim on top of the Free Trader Agreement?
Regards,
LostDad
There are certain inchoate rights that can attach to any real property you purchase prior to divorce. An executed Separation Agreement and a Memorandum of that Agreement recorded with the register of deeds in the county where you purchase land will cut these rights off, a Free Trader Agreement will do the same. If you have a properly drafted Separation Agreement, you should not need a free trader agreement. You should have your mortgage company review your Separation Agreement to see if it is sufficient.