Jointly-owned Property
Definition
- Property that is legally held in more than one person's name.
Synonyms
home owners, marital property, real estate
Related Terms and Acronyms
- Alimony — Definition,
- Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
- Common Law Marriage (CLM) — Acronym,
- To be recognized as being married without foregoing a matrimonial ceremony.
- Community Property (CP) — Acronym, Important,
- Possessions, real estate and profits that a husband and wife receive during the marriage, excluding gifts and inheritances. Upon divorce, community property is distributed equally.
- Division of Property — Definition,
- The dividing of marital assets during a divorce.
- Joint Tenancy — Definition,
- When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
- Real Estate (RE) — Acronym, Very Important,
- A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
- Tenancy by the Entirety (TBE) — Acronym,
- An arrangement where spouses have an undivided interest in a property. If a spouse dies, the other retains ownership.
- Tenancy in Common — Definition,
- Ownership by two or more people in which each person owns an undivided interest in the entire property and all have equal rights to use the property. When one tenant in common dies, that person's interest may be sold, mortgaged or transferred to another in a will.
