Free Trader Agreement


#1

Generally you are better off to resolve your dispute by signing a Separation Agreement and having a full resolution of your situation. The free trader agreement lets your spouse trade in real estate without your signature and probably waives certain rights you may otherwise have in the property. I would suggest that, if your spouse is anxious to deal with real estate, you use her desire to resolve one issue as leverage to resolve the entire package by signing a comprehensive separation agreement instead of the free trader document.

Each party that is obligated on the note is obligated to make the payment on the house. Failure by both parties to make the payments results in foreclosure. Utilities are the responsiblity of the party having made a promise to the utility to make payment.

Lee S. Rosen
Board Certified Family Law Specialist
The Rosen Law Firm
4101 Lake Boone Trail, Suite 200
Raleigh, North Carolina 27607
NCdivorce.com
(919)787-6668

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#2

My wife and have been separated over one year and she wants me to sign a Free Trader Agreement. What are her responsibilities towards continuing to pay the mortgage since she’s currently living in our home? What about paying utilities etc?