Joint Assets

Assets which are owned jointly between two people (i.e., as husband and wife). There are three main types of jointly owned property designations:

• Tenants in Common: The most basic form of joint ownership wherein upon the death of one joint owner, such owner's interest in the property will be distributed to his or her heirs, not the other owner. Unless the deed or other instrument conveying title states otherwise, property owned jointly will be owned between two people as tenants in common.
• Tenants by the Entirety: A special designation for married couples, wherein if one spouse dies, the other receives the benefit of the property outright. There are also creditor protections which come with this type of joint ownership (i.e., one spouse cannot incur a debt to the property without the consent of the other).
• Joint Tenants with Rights of Survivorship: A type of joint ownership wherein the co-owners each have rights to survivorship. This means that if one co-owner dies, the others take the deceased co-owner's share.