Legal Question in Real Estate Law in New Jersey

Re: Beneficiary of House

This is more of a matrimonial question than a real estate question, although interrelated. Part of the answer depends upon what is the intention of the parties regarding the children (who will have primary custody) and with whom the children will live. Also, are both parties remaining in State or is one or more moving away? Also, is one party interested in remaining in the house or will it be sold? Basically, the party having actual custody of the children is usually permitted to remain in the home until the children are emancipated. The house will usually not be ordered to be sold while a minor continues to reside there. Contribution to costs and upkeep are determined as part of the marital resolution and depends upon children's residence, comparative incomes, needs, etc. In some instances, by negotiation, the parties can determine what happens to the house, who gets it, what responsibilities there are for continuing mortgage payments, etc. One party can buy out the other and refinance to cover the buyout. There are no hard and fast rules, and most decisions will be guided by the matrimonial determinations. As to placing the children's names on the Deed, this can be done (probably placing the title to the house in a trust, which can have minor beneficiaries) is an option. I strongly recommend coordinating any decisions with both a matrimonial attorney and an attorney familiar with real estate and possible tax laws since there are tax ramifications caused by the separation.