Divorcing is difficult, and during that time, home owning couples must decide what to do with the home they reside in. Sometimes this decision is easy; one party will complete a quitclaim deed, signing over their ownership rights to the other spouse. Other times, the decision is more difficult and a couple may decide to continue with joint ownership. If this decision is made, there is a need for a new deed to be executed.
Most often during marriage, couples own their homes as community property. This type of ownership is only for married couples or domestic partnerships. Now that the marriage is dissolved, the couple can no longer own the property in this form. There are two other forms of joint ownership: tenants in common and joint tenants. Our Santa Rosa divorce attorneys can help you decide which type of ownership type best suits you.
Tenants in Common
Tenants in Common is a type of concurrent ownership where each party has an individual, undivided ownership interest in the property. This means that the individuals can dispose of their ownership as they wish, whether it be now, or in a will or trust. Tenants in Common does not require equal interests in the property. Depending on what type of relationship the couple has after the divorce, an individual may want to create a Tenancy in Common agreement that sets up the terms of management, upkeep, and use of the property.
Another type of concurrent ownership is known as Joint Tenants. As Joint Tenants, each person has individual equal ownership interest in the property. Additionally, Joint Tenants, possess the right of survivorship. Right of survivorship is the automatic power of the survivor to acquire the property share of the other individual upon his or her death making the survivor sole owner. Joint Tenants may choose to alienate the other owner however; at that time it would change to a Tenancy in Common agreement and there would no longer be a right of survivorship.
Of course, in many cases as part of a divorce agreement a home will be given to one spouse or sold with the proceeds split between the two parties. No matter what the case, however, there are often complex legal guidelines that must be followed. It is important to ensure that all loose ends are tied up with these property matters, because otherwise it might cause serious controversy down the road. You do not want to find out that something is wrong with the deed only at the moment when you are trying to sell it, perhaps years later.Getting Legal Help in Santa Rosa California
If you are thinking about a divorce, having trouble understanding the intricacies of ownership after divorce, or interested in learning more about concurrent ownership, our attorneys at Beck Law P.C. can help. Our firm can help you determine which type of ownership will work best for your situation. For a consultation contact Beck Law P.C., at 707-576-7175 or contact us online.