Tenants In Common Vs Joint Tenants Vs Tenants By The Entirety In Chicago
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FAQ
While tenancy by entirety gives both spouses 100% ownership of the property, joint tenancy provides each party 50% ownership interest. Additionally, joint tenancy doesn't provide protection against creditors.
Because joint tenancy provides the right of survivorship, it is sometimes referred to as “joint tenancy with right of survivorship” and abbreviated JTWROS. By contrast, there is no right of survivorship in a tenancy in common, which means property ownership doesn't automatically pass to the surviving owners.
Cons of TBE If the married couple shares the debt, the protection no longer applies. And if one spouse dies and the surviving spouse has debt or judgments to satisfy, they're no longer protected since they're the sole owner of the property.
Only married couples may hold property as tenants by the entirety in Illinois, and they may use that form of ownership only for homestead property. Tenants by the entirety may not dispose of their respective shares of their property without the consent of both.
In order to sell or convey the entire property, all owners must join in the transfer. As tenants in common, the co-owners have the right to sell, gift, or transfer their interest in the property without the other owners' permission.
For example, when one of 2 owners of an asset held in joint tenancy dies, the surviving owner becomes the sole owner of the asset. A tenancy in common is a form of ownership by 2 or more persons in which each person owns an interest in an asset that is less than the entire value of the asset.
Only married couples may hold property as tenants by the entirety in Illinois, and they may use that form of ownership only for homestead property. Tenants by the entirety may not dispose of their respective shares of their property without the consent of both.
Joint tenancy is most common among married couples because it helps property owners avoid probate. Without joint tenancy, a spouse would have to wait for their partner's Last Will to go through a legal review process—which can take months or even years.
Further tenancy in common allows parties to hold unequal shares of property interest. Joint tenancy requires each co-owner to hold equal shares of property. Further, co-owners must transfer the deed at the same time. In this sense, joint tenancy is rigid compared to tenancy in common.
