Tenants In Common Vs Joint Tenancy For Married Couples In Palm Beach
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FAQ
A joint tenancy in Florida has all the features of the tenancy in common except that all the joint tenants must have the same equal percentage of interest in the real property. The joint tenancy also does not avoid Florida probate.
In Florida, surviving spouses will automatically inherit any property titled jointly with the rights of survivorship or as tenants by the entireties (see below). These assets are not subject to Florida probate law.
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.
Joint Tenancy With Right of Survivorship (JTWROS) Each owner must own an equal percentage of the property (not, for example, 1/3 and 2/3). When one of the owners dies, the decedent's interest in the property automatically passes to the surviving joint tenant, without the need for probate.
The Florida Supreme Court said that real and personal property owned jointly by a married couple is presumed to be owned as tenants by entireties unless the couple has expressly disclaimed entireties ownership.
This protection is a key feature of Florida homestead law and reflects a strong public policy to protect the family home. ingly, if a property qualifies as homestead, both spouses must consent to its sale or mortgage, even if only one spouse is listed as the owner on the deed.
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.
Typically, when married couples are listed under the real estate title as “husband and wife” a tenancy by the entireties is presumed. At the death of one spouse, the real estate interest passes automatically to the surviving spouse by operation of law similarly to the joint tenancy with right of survivorship.
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.
