joint ownership

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Joint Ownership

A situation in which two or more persons co-own a property. In other words, if two or more persons jointly own a property and one of them dies, the property does not become part of a decedent's estate; rather, the other owner(s) continue to own the property. A married couple may jointly own their house, for example. Likewise, two business partners may jointly own a business property. If two persons own an apartment complex and one of them dies, the whole of the complex belongs to the co-owner, and not the decedent's heirs. However, the decedent's liabilities may remain attached to this property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question.

joint ownership

Ownership of an asset, such as property, by two or more parties. Joint ownership of property has advantages and disadvantages compared with individual ownership. For example, the property automatically passes to the co-owners upon the death of one of the other owners. Also, with one type of joint ownership, one owner can sell the property without the permission of the other owners. See also joint tenancy with right of survivorship, tenancy by the entirety, tenancy in common.

joint ownership

Ownership of property by two or more people or entities. It includes tenants in common,joint tenants with right of survivorship,tenants by the entireties,and community property interests.

References in periodicals archive ?
Moreover, from the recognition of such joint ownership and analyzing the unity of the four unit fields of the free peasant's life (spiritual, economic, legal and administrative) we can establish a real functional correlation between them, on the one hand the joint property right of usage and the public sphere of the free Romanian villages and on the other hand the private ownership and private sphere of their members.
Developments and new approaches in family law that are relevant to our discussion include matters such as: divorce without fault but by demand--a relationship terminable at-will; removal of fault as a relevant factor in divorce proceedings; modern theoretical bases for joint property such as the values of labor, reward for work, morality and equality; societal perceptions of the family unit; the realization that the no-fault divorce revolution was detrimental to the family unit; disappointment in tort law as a means for responding to harm resulting from extramarital relationships, and more.
If any person disputes, title or share in the joint property, the Court shall decide such question before resorting to auction of the joint property.
The first will enable married couples to choose which law applies to the division of their joint property in another state in case of death or divorce: the law of the usual country of residence, the law of the couple's country of origin or that of the country in which it has strong ties, where the couple married, for example.
The possession of joint property disintegration of village community land passed throw several phases: the first individual property was the house, with its household, while the rest of the land was possessed in common.
7m to US-based property fund, Aetos Capital Asia to settle a dispute on a joint property project in the Guangdong province in China.
He does not want to pay his wife spousal support and is seeking that lawyers' fees be paid out of the couple's joint property, the documents show.
The list includes contacting creditors and Social Security, changing names on joint property, and establishing or reviewing financial plans.
The Todhunters took the case to court where a judge declared the wall was joint property in 2007.
Domestic partnerships are civil contracts that grant the kind of rights and responsibilities we all might someday need, but hope we never do - like the ability to visit a loved one in the hospital and to make lifesaving medical decisions, bereavement leave, the ability to share health insurance benefits with a lifelong partner, joint property rights, and child custody and visitation protections.
Joint property is always a problem because when the relationship dissolves, both parties may be tremendously attached to the plasma TV or the leather sofa, etc.
The retailer also plans to divest 2bn [pounds sterling] more of its property portfolio on a sale and leaseback basis, following the success of joint property ventures involving 5% of its floor space this year.

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