Joint Tenancy For Unmarried Couples In Michigan
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FAQ
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.
In short, to force the sale of jointly owned property, you must first confirm title, then attempt a voluntary sale or buyout, file and serve a partition lawsuit, get an appraisal, sell the property, and finally divide the sale proceeds fairly.
Joint Tenants with Full Rights of Survivorship is a form of co-ownership where each owner has an equal share in the property, and if one owner passes away, their share automatically transfers to the surviving joint tenant(s).
Unlike Joint Tenancy, there is no “right of survivorship” in TIC, which means that when one co-owner passes away, their share of the property is typically passed on to their heirs or as specified in their will.
The spouses each have a survivorship right, and each is presumed to own the entire property. Neither can sell or transfer their interest in the property without the other's consent. Creditors of one spouse cannot put a lien on the property.
Michigan is one of many equitable distribution states. If a couple separates, Michigan divorce courts consider everything acquired during marriage marital property. Marital property belongs to both spouses, and courts divide it fairly, but not always 50/50.
In Michigan, spouses have the option of owning property by the entirety, which functions like a joint tenancy in that the surviving spouse will immediately take ownership of the property on the death of the other spouse. Michigan recognizes joint tenancy with right of survivorship as a common form of joint ownership.
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.
Conclusion: While this conclusion seems pretty logical when there is reference to joint tenants with full rights of survivorship, it should be noted that in the Michigan case, the Court of Appeals initially held that the irrevocable trust could own real estate as a joint tenant with full rights of survivorship.
In Michigan, you can jointly own property in four ways: Tenants in common. Joint tenants. Joint tenants with full rights of survivorship.