Legal Question in Real Estate Law in New Jersey

Re: House

That is a good question. The short answer is that he would not be able to sell the house without paying you your fair share. You could have a deed drafted to transfer the property into both of you at a minimal cost. The only problem with that is that most mortgages have a due on sale clause, which provides that a transfer of the property causes the loan to become due. As a practical matter, spousal transfers happen all the time, and banks ignore them. The clause is really meant to address selling the property to a third party without paying off the loan. I am in-house counsel with a title company and can tell you that we do interspousal transfers frequently for just the reasons your question addresses.

Re: House

The law in New Jersey regarding equitable distribution of assets acquired during a marriage does not differentiate between assets acquired in individual names and assets acquired in joint names. All assets acquired by the parties during the course of the marriage (except by way of gift or inheritance) are subject to equitable distribution whether they are legally titled in individual or joint names. The issue of who would have to leave the house does not have a specific answer. It is fact specific depending on the circumstances. If you would like to discuss this matter further, please contact my secretary, Debbie at 856-795-6700 and schedule a consultation. You may view information about our firm at www.gersteingrayson.com.