Legal Question in Family Law in New Jersey
divorce - life estate deed
haven't yet filed for divorce but spouse wants to put our current property into our childrens names with us retaining a life-estate. If the divorce goes through, will the property (house) still be divided as part of the divorce settlement if I choose to move out?
1 Answer from Attorneys
Re: divorce - life estate deed
Run, don't walk! As Austin Powers would say, Real Estate is not my bag. However, I am an divorce attorney and this just smells wrong. I see no reason do this. If the divorce is going to happen, I suggest you handle it like 99% of people in your situation handle this: Either one buys out the other, or the property gets sold and you divide the proceeds.
If you go forward with her situation, you probably won't get anything except an interest in the remainder of the property. However, what are the chances of you out living your children? Thus, even if this is possible, you walk away with a goose egg.
Again, I'm not even sure if this is legal but you just don't want to go down that road, just run from it and go get an attorney. You might need more than one.
My initial consultations are always free, so call me at 732/247/3340 to discuss your case.
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