Texas Agreement to Partition Community Property (Creating Joint Tenancy with Right of Survivorship)
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FAQ
AGREEMENT FOR RIGHT OF SURVIVORSHIP IN COMMUNITY PROPERTY. At any time, spouses may agree between themselves that all or part of their community property, then existing or to be acquired, becomes the property of the surviving spouse on the death of a spouse.
The ability to create the right of survivorship in Texas community property is a milestone. Spouses may now leave their half of the community property to the survivor without the need to probate. If the transfer is accomplished by will, probate is necessary.
With joint tenancy and tenancy by the common, both owners have a share in the property. However, with community property, a married couple each owns 100% of the property.
Separate Property The exceptions to community property are funds or things that are: Owned by one spouse before the date of marriage. Inherited by one spouse before, during or after the marriage. Gifted to one spouse.
During the owner's life he or she can designate a co-owner as joint with right of survivorship. This is done by using Texas Department of Motor Vehicles (DMV) Form #VTR-122. If that hasn't been done prior to the owner's death, there is a DMV form called Affidavit of Heirship that can be used to transfer the title.
One of the pitfalls of community property is something that is also one of its selling points ? all assets obtained during the marriage are owned 50/50. This can become a problem if one spouse dies and leaves their half of a property to someone other than their surviving spouse.
The most recognized form for a married couple is to own their home as Tenants by the Entirety. A tenancy by the entirety is ownership in real estate under the fictional assumption that a husband and wife are considered one person for legal purposes. This method of ownership conveys the property to them as one person.
To sum up: joint tenants must receive their property interest simultaneously and from the same source and must have an equal share with equal right to possess the entire property. On the other hand, tenants in common can receive their interest at different times and sources and don't have to possess equal shares.