Joint Tenancy For Married Couples In Georgia
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Some states have community property laws that cause shared assets to be split equally with half going to one spouse and half going to the other. But Georgia doesn't recognize community property laws and is, instead, an equitable distribution state. This means that equity is more important than an equal split of assets.
Joint Tenancy with Right of Survivorship (JTWROS) in Georgia This form of ownership allows two or more people to own property equally, with the assurance that the property will transfer directly to the surviving owner(s) upon the death of any co-owner.
If there are two or more surviving parties, the respective ownership of each during his lifetime shall be in proportion to his previous ownership interests under Code Section 7-1-812, augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before his death; ...
Jointly owned real estate goes automatically to your husband/wife. It is possible for jointly held property to go automatically to a spouse in Georgia.
You can add someone as a joint tenant if: they're your husband, wife or civil partner, or. they've been living with you as part of your household for at least a year, or. they lived with you when you first moved into your home.
The other manner of holding the title to property in Georgia is as joint tenants with rights of survivorship. This method is similar to tenancy by the entirety, which is common in many states as the default for married couples purchasing property.
