Virginia Agreement to Partition Community Property (Creating Joint Tenancy with Right of Survivorship)
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FAQ
A. Spouses may own real or personal property as tenants by the entirety for as long as they are married. Personal property may be owned as tenants by the entirety whether or not the personal property represents the proceeds of the sale of real property.
A partition by allotment occurs where one or more of the co-owners purchase the other co-owners interest in the property, at a price set by court-ordered appraisal. If a co-owner seeks to buy out the interests of the other owners, courts in Virginia must consider a number of factors in evaluating the request.
Joint tenancy includes the common law right of survivorship, provided it is set out in the deed. Upon death of a joint tenant, title remains in the surviving joint tenant without further action. You can't leave joint tenancy property to someone else in your will.
In Joint Tenancy in Virginia, all owners must control equal shares of the property. This is as opposed to Tenants in Common, where two people may own 50% each, or four people own 25% each, or some other portion of the whole. In Tenancy by the Entirety, each married spouse owns 100% of the property.
§ 55.1-135. Any persons may own real or personal property as joint tenants with or without a right of survivorship.
Joint tenancy includes the common law right of survivorship, provided it is set out in the deed. Upon death of a joint tenant, title remains in the surviving joint tenant without further action. You can't leave joint tenancy property to someone else in your will.
Who May Pursue a Partition Suit? Va. Code Ann. § 8.01-81 provides that ?[t]enants in common, joint tenants, executors with the power to sell, and coparceners of real property, shall be compellable to make partition and may compel partition.?
When any joint tenant dies, before or after the vesting of the estate, whether the estate is real or personal, or whether partition could have been compelled or not, his part shall descend to his heirs, pass by devise, or go to his personal representative, subject to debts or distribution, as if he had been a tenant in ...