Joint Tenancy For Unmarried Couples In Pennsylvania
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FAQ
When it comes to estate planning in Pennsylvania, one of the options available to individuals is joint tenancy. Joint tenancy is a form of co-ownership where two or more people hold equal shares of a property.
Pennsylvania law doesn't automatically grant shared property rights to unmarried partners. As such, the division of property is typically governed by the principles of contract and property law. To safeguard individual interests, it is advisable for unmarried couples to consider creating a cohabitation agreement.
As long as you and your ex can agree on how to divide up your assets, there is no need to involve lawyers or the court system. Even if children are involved, in most states you have the opportunity to separate in private, ing to whatever arrangements the two of you agree on.
Perhaps the most common way for unmarried couples to take title to real property is as "tenants in common." Unlike a joint tenancy, a tenant in common has no automatic right to inherit the property when the other partner dies.
In Pennsylvania, most property acquired during the marriage is marital property subject to equitable distribution either by the Court or by private agreement. When couples divorce, the property is divided based upon what is equitable. There is no presumption that marital property will be equally divided.
When it comes to estate planning in Pennsylvania, one of the options available to individuals is joint tenancy. Joint tenancy is a form of co-ownership where two or more people hold equal shares of a property.
Most married couples hold title to property in both names as tenants by the entirety. Each party has a full ownership interest in the property. The property will pass instantly to the surviving spouse upon the death of the other spouse without probate.
Pennsylvania is not a community property state; it is an “equitable distribution” state. This is a significant distinction because if you and your former spouse cannot reach an agreement, the court may make a decision for you and not in an expected way.
