A Free Trader Agreement can either be a stand-alone contract or it can be a provision in a Separation Agreement when two parties are getting divorced.
The purpose of the Free Trader Agreement is to allow a spouse who is not purchasing the house to relinquish any and all of his or her rights to the real property, including inheritance and survivorship rights.
This contract clarifies that the buying spouse has sole and exclusive ownership in the newly purchased real property, without the attachment of an ownership interest of the other spouse, even though they are still legally married awaiting divorce.
If you are in the process of separating from your spouse, or have already separated and are searching to purchase a new home, contact one of our skilled family law attorneys to assist you with a separation agreement and/or a free trader agreement.