Tenants In Common Vs Joint Tenancy For Married Couples In Broward
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FAQ
The Bottom Line Tenancy by the entirety is a legal arrangement where a married couple shares equal ownership of a property, and ownership automatically passes to the survivor if their partner dies. This allows the survivor to avoid probate and protects the home from any claims against the other tenant.
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!
Like tenants in common, a joint tenant is permitted to sell their share of the property. Joint tenants differ from Tenants in Common in that they always own equal shares of the property meaning that they do not have the option of assigning different stakes to each property owner.
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.
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!
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!
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.
Joint tenants have a 100% stake in the property. Tenants in Common have a stake that is reflective of their share. For example, a tenant with a 60% share in the property only owns 60% of that property.
