| What is the best way to hold title? There are | | | | title to manage assets that are acquired |
| many different angles to purchasing property | | | | during a marriage. This method can only be |
| and many decisions to make. One of the main | | | | held by persons that are married with assets |
| decisions to be made is which method of | | | | that are purchased during the marriage. This |
| holding title is the most applicable and | | | | would not apply to property acquired prior to |
| appropriate for a particular parcel. Real | | | | marriage, proceeds from the sale of property |
| Property can be owned by a single owner or by | | | | prior to marriage, inheritance gifts received |
| many owners and it is very important to | | | | after the marriage or properties that both |
| understand the process in order to make a | | | | parties have agreed to be separate from |
| wise decision. Let's take a look at the | | | | community property. All Deeds must be signed |
| process. | | | | by both parties to be community property. |
| | | | |
| Someone who owns a property by themselves is | | | | Community property with right to survivorship |
| referred to an owner in severalty. When there | | | | would include that option like that of joint |
| is more than one owner of a property, title | | | | tenancy. |
| can be held as joint tenancy, community | | | | |
| property, (with or without right to | | | | Tenancy in Common |
| survivorship) or tenancy in common. With so | | | | |
| many choices available, what is the best way | | | | Tenancy in common is when two or more persons |
| to hold title? Here is a look at how each | | | | hold title together but do not have to have |
| method is defined. | | | | equal shares. For example, one tenant could |
| | | | hold eighty percent while the second would |
| Joint Tenancy | | | | hold twenty percent. This method of holding |
| | | | title is more common for investment |
| Joint tenancy is when two or more people hold | | | | properties with multiple share holders than |
| title together with equal shares in the | | | | it is for an owner occupied residence that |
| property. There is an automatic right to | | | | has a single family home. This method could |
| survivorship, meaning that if one of the | | | | also work well for roommates who wish to |
| joint tenants passes away, the interest in | | | | purchase a property together but one or two |
| the property continues to the other joint | | | | of them have more money to come in with than |
| tenants. This method is common among long | | | | the other. Parties who are interested in |
| term relationships without marriage. There | | | | ways to hold title are advised to consult |
| are some married couples who prefer this | | | | with an attorney or CPA to plan the best |
| method of holding title because of the | | | | strategy. |
| automatic right to survivorship. | | | | |
| | | | This is the basic understanding of the |
| Community Property | | | | various ways to hold title. For more |
| | | | information on this subject, Please visit our |
| Community property is a method of holding | | | | website or contact Team Enterprise. |