Posted by NCLisa on 7/26/07 9:57am
Spousal/Marital Interest in a property can be relinquished.
This is info from another post.
Most states allow for spousal/marital interest in a property to be relinquished. Property settlement agreements are made prior to divorce all the time. Often a prenup is in place that does not allow for marital interest in property owned by the parties prior to marriage. NC has general statutes that allow for this, and the quitclaim or non warranty deed must have the "magic" paragraph in it to relinquish all marital interest. I am not aware of any state that does not allow a married person to own property alone, without their spouse having any interest in the property.
Below is what I inserted in all the deeds relinquishing the marital interest when I worked at a law firm: The purpose of this conveyance is to dissolve any interest in said real estate that Grantor may have and to allow Grantee to henceforth convey and encumber said property or any portion thereof without the consent or joinder of the Grantor. Grantor hereby relinquishes: (1) All rights to administer the Grantee's estate as provided in G.S. 28A-4-1 with respect to the real estate described herein: (2) all right of intestate succession to the Grantee's estate as provided in G.S. 29-14;(3) the right to an elective life estate in the Grantee's estate as provided in G.S. 29-30; (4)the right to an elective share from Grantee's Estate as provided in G.S. 30-1; and(5) the right to a year's allowance in the Grantee's estate as provided in G.S. 30.15. Is is the intention of the parties hereto that the property described herein shall be considered separate property of the Grantee pursuant to the Equitable Distribution Act (G.S. Section 50-30 et seq) and Grantor relinquishes all right or claim to said property provided in the said act.
In NC a separation agreements many times relinquish marital interest in a property that is currenlty owned, and in any future property the parties purchase. A deed dissolving that interest will only need to executed for the current property, the agreement if recorded, covers all future properties from spousal interest. We also have "Free Trader Agreements" that get recorded that state that while married, either spouse can purchase property where no marital/spousal interest attaches.
I'm not an attorney, just worked in several real estate law firms so I know this can be done.