Tenants In Common Vs Joint Tenancy For Married Couples In Chicago
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FAQ
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.
For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE).
Tenancy by the entirety refers to a form of shared property ownership that is usually reserved only for married couples. A tenancy by the entirety permits spouses to jointly own property as a single legal entity. This means that each spouse has an equal and undivided interest in the property.
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.
Tenancy by the Entirety (TBE) Some depend on what your marital status is. For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE). That endows survivorship rights, some creditor protection, and allows for transfers only with the consent of both spouses.
Joint tenancy with right of survivorship (JTWROS) This is often a common vesting for married couples, but it also applies to family members planning to own a property together.
For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE).
Finally, in my state of Illinois, unmarried couples can hold title as Tenants in Common or Joint Tenants BUT once they get married, they qualify to take title as Tenants by the Entirety, which they would do by signing and recording a new deed.