MARRIED- THINK JOINTLY

When two or more persons own property as joint tenants, they have equal rights to the property and they have the right of survivorship. They have an equal voice in the disposition of the property and they share its Income equally.

In joint tenancy, every co-owner must acquire ownership at the same time. There is only one title to the property and each owner has an equal share and equal possession of it. Each owner has an equal interest in the property. If there are two owners, each has a 1/2 interest. Four owners would each have a 1/4 interest.

Joint tenancy is popular among married couples because of the right of survivorship. If one owner dies, his or her rights are extinguished and the property goes directly to the surviving owner. This eliminates problems that are sometimes encountered in tenancy in common; where one owner dies and leave his/her share in the property to his/her heirs instead of to the other joint tenant.