Legal Question in Real Estate Law in New Jersey

Re: Give up the rights to the real estate property

Let me answer this in two steps. Don't read the first if you don't intend to read the second.

1. The easy answer is that you can always give up your interest in real property to anyone you choose by what is known as a "quitclaim deed." That is the best form to do that act. A quitclaim deed essentially says: "I don't promise you that I have any right or title to this property, but whatever I have I now sell (give) to you." It is a transfer without subsequent responsibility and it is done all the time in marital cases. Read on ...

2. It is certainly nice to be nice. If you are involved in a separation or divorce and, if you and your spouse have agreed on a division of property, that is the easiest way to go. However, there are potential tax consequences and downstream legal consequences to property settlements. You don't have to have a fight in a trial, but it is a good idea to have the transaction memorialized as part of a property settlement. To do that correctly and so no one will misunderstand your intentions at some later time, you should have an experienced matrimonial attorney review the issues and advise you. My recommendation for that would be Vincent L. Robertson of Moorestown. 856-235-4277.

If you are concerned about potential costs, consider the fact that you are proposing to give an interest in property that is probably worth a great deal to you and to the woman who shared your bed. A bit of good advice is probably worth the investment.

Re: Give up the rights to the real estate property

I agree with John. There are several issues at stake: both the real estate issue and marital considerations. You do not state if you have children, how long was the marriage or other details. I strongly recommend making your decision after discussing it with a good matrimonial attorney. One thing to consider is that if you give up the house voluntarily, your spouse may still make claims for alimony, child support, if applicable, and other claims. You might want to consider exchanging the house for a total waiver of other possible marital claims to which you mau have an exposure. Once the marital issues are resolved, the transfer of real estate is a simple procedure; simply a Deed to your wife. If done as part of the marital settlement, there should be no adverse tax consequences.

Re: Give up the rights to the real estate property

You can deed the property to her only, but this should be part of a settlement agreement!

You will need help for this - GET AN ATTORNEY! Pay now or pay later... now is more cost effective, and will prevent that ulcer you will develope!