Joint Tenancy For Married Couples In Arizona
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For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE).
Utilizing a revocable trust is the best way for a married couple to take title. Titling property in your trust avoids probate upon the death of both the initial and surviving spouses and preserves the capital gains step up for the entire property on the first death.
Each joint tenant owns an equal share, and when one owner passes away, their share is automatically transferred to the surviving owner(s). The main advantage here is the avoidance of probate, which can be a lengthy and costly process.
Joint tenants (JT), or joint tenants with rights of survivorship (JTWROS), are the forms of ownership most commonly used by married couples.
Choosing the best form of ownership for joint property can simplify things if one of the owners passes away. Joint tenancy is commonly used to avoid probate, which can be a lengthy, costly, and public process of distributing a deceased person's assets in court.
Jointly-held assets are open to claims by the creditors of any joint owner should they run into difficulty, whether it's financial trouble, divorce proceedings, or legal action.
In Arizona, tenancy in common is the default classification for married couples seeking joint ownership. The property can be divided evenly, or the owners can control differing shares if needs be (e.g. two business partners own 25% each, and the third owns 50%).
Arizona is a community property state, which means that all property acquired by either spouse during the marriage is considered to be jointly owned. Upon a divorce, it will be divided approximately equally.
Co-ownership might entail more complex legal agreements, specifically outlining each party's rights and responsibilities. Joint property ownership usually involves a simpler, more standardised agreement.
The state of Arizona is a community property state. Property law in Arizona falls under ARS Title 33 of the Arizona Revised Statutes, and joint tenancy with the right of survivorship is under ARS Title 33-431 of the same Statutes.
