Joint Tenancy For Married Couples In North Carolina
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FAQ
In North Carolina, there are, for all practical purposes, three types of concurrent ownership: (1) Tenancy in Common, (2) Joint Tenancy with the Right of Survivorship, and (3) Tenancy by the Entirety.
Joint tenants (JT), or joint tenants with rights of survivorship (JTWROS), are the forms of ownership most commonly used by married couples.
Joint tenancy property passes to the surviving joint tenant and no one else, no matter what you do. If it is your intent to leave your property to your spouse and then to your children, joint tenancy is not for you.
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.
Tenant by the Entirety in North Carolina In North Carolina, 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.
Tenancy in common. For example, two or more co-owners (“joint tenants”) own equal or. different-sized interests in the property. Each has the right to access, possess and use all the. property and can sell, give away, or otherwise convey or encumber their interest.
North Carolina and South Carolina are equitable distribution states, not community property states. Unlike a community property state, which divides marital assets 50/50, equitable distribution states take the time to make sure the division is fair to both parties, and they do not divide separate property.
In North Carolina, there are, for all practical purposes, three types of concurrent ownership: (1) Tenancy in Common, (2) Joint Tenancy with the Right of Survivorship, and (3) Tenancy by the Entirety.