Joint Tenancy For Unmarried Couples In Philadelphia
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
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FAQ
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.
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.
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.
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.
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.
Joint Tenancy. If you take title as joint tenants, you share equal ownership of the property and each of you has the right to use the entire property. If one joint tenant dies, the other automatically becomes the owner of the deceased person's share, even if there's a will to the contrary.
Technically, the traditional way for a married couple with the same last name is ``Mr. and Mrs. John Doe,'' which also turns my inner feminist tomato red, but a lot of the other options (married, different last names, for example) use the ``Mr. John Doe and Mrs. Jane Day'' format. :)
Tenants in common gives you more protections and you can specify in a deed of trust what you would want to happen in the event of relationship breakdown (eg if one of you has first dibs to buy the other out, or a time limit on doing so etc) which is definitely better to decide now whilst you still like each other!
