Buying or selling in the Carolinas?

As marriage can be challenging at times, it may be hard to predict what the future holds. Most individuals are sometimes caught on the wrong side of fate when the tragedy of a divorce happens. No one wishes for a divorce and just like death, it can come when least expect it. The beauty of it all is how you overcome the challenges that would arise rather than just feel sorry for yourself and for life giving you a hard blow. This is what will determine how your story ends.

In diving deeper into the matter of divorce, there are certain terminologies like free trade that you must get to know. I guess you are asking yourself, just what is free trade? Would you need a free trade agreement for your divorce or separation?

Most individuals visit lawyers for a free trade after they have already entered into a separation agreement and property settlement. Sadly, this is usually too late for such a process to be carried out. A free trade agreement is a document that is prepared for the purposes of waiving each party’s right of inheritance especially as to real estate. This would therefore create a right to obtain real estate property independently without involving the other partner in the marriage prior to the divorce.

Without this agreement, then a party who has separated from the partner but has not divorced yet cannot be permitted to acquire or dispose of real estate property effectively. Even banks and financial institutions would not be willing to lend money for the purpose of buying a house without the free trade agreement or a divorce decree. To put more emphasis with a real life example, when you approach a bank in regards to buying another home and the chosen bank determines that you are legally separated from your spouse but not divorced yet, then the bank would require your spouse to sign certain documents at closing before the deal is sealed. You know how much of a challenge this is. If the spouse doesn’t sign these documents and at that time you don’t have the free trade agreement, then the bank would find it hard to help you out.

A free trade agreement is therefore, a very important document that you should have. You can take a look at some of the most important benefits of a free trade agreement as stated below:

• It enables either party in the marriage to either purchase, sell or refinance real estate even before the divorce is done. Depending on the state you reside, you would not be able to carry out the above transactions for a certain waiting period until the divorce is done. North Carolina for example requires a waiting period of up to 12 months from the date of separation until a party may file their divorce. This can be quite challenging especially when your real estate needs are urgent.
• It saves time on certain processes that you would want to undertake that would need the involvement of your separated spouse.

In conclusion, it is therefore important to note the importance of the free trade agreement and how much it can save you when you are separated from your spouse but not divorced yet.