Property Ownership for Unmarried Couples

Unmarried couples looking to own property together can establish legal ownership through one of these options.

2011-06-05

June 05, 2011 (Press-News.org) Property Ownership for Unmarried Couples

Being married gives a couple certain legal rights, among which can be joint ownership of property purchased during the marriage. This is no small thing, as a division of assets occurs when a marriage ends, either by spousal agreement or in court. State laws and courts attempt to make the division of assets during a divorce as fair as possible.

However, when you make purchases while not married, even if you purchase property "with" someone or after having lived together for a long time, the law does not automatically afford you protection. This can create some unfair division of assets for cohabitating couples.

Having clear ownership is most important for real property, such as a home, since that is usually a person's largest asset. Fortunately, there are ways to own a home that can accurately reflect contributions by both members of the couple. This occurs in two ways:

-Ownership as joint tenants
-Ownership as tenants-in-common

Joint Tenancy

To purchase a home as joint tenants, the title deed must simply state the home is owned in joint tenancy between the two purchasers. Both individuals must also have equal rights of interest, time, title and possession of the home. This means that each person owns the entire property and the full use of the property, without any restrictions or divisions.

If you have a joint tenancy with a right of survivorship, upon the death of one owner the other takes full and complete sole ownership automatically.

Tenancy-in-Common

For tenants-in-common, however, each person owns only a share of the property. Usually the property is divided proportionally between the owners. However, each owner does have a full right to possession of the home. Unlike joint tenancy with right of survivorship, upon the death of a tenant-in-common the ownership goes to his or her estate. What happens to the ownership share at that point depends on the owner's estate plan.

In a Cohabitating Relationship?

Unmarried couples living together should consult with an experienced family law attorney. An attorney can discuss the benefits of legal ownership and cohabitation agreements that allow for clarity in property ownership, as well as what will happen in case of death or dissolution of the relationship. An attorney can also help you to decide issues such as whether joint tenancy or tenancy-in-common is right for you.

Article provided by Thompson Law Group, P.A.
Visit us at http://www.thompsonlawpa.com

ELSE PRESS RELEASES FROM THIS DATE:

Keeping Children Safe on Bikes

2011-06-05

Keeping Children Safe on Bikes Riding a bike is an enjoyable summer activity for the entire family. But if not done safely, serious injuries can result from this otherwise safe activity. According to the National Highway Traffic Safety Administration, 630 cyclists were killed in traffic accidents across the United States in 2009. California alone experienced nearly 16 percent off all cycling fatalities. Though that number is down from the 786 killed in 2005, it still represents nearly two percent of all traffic fatalities. Safety Tips The NHTSA recommends ...

Tax Considerations During Divorce

2011-06-05

Tax Considerations During Divorce One of the last things you want to think about during a divorce is taxes. However, knowing a few basic tax matters arising from a divorce can reduce frustrations and surprises when filing your first tax return after the divorce is final. Filing Status: Married or Single? Significant life changes, such as divorce or the birth or adoption of a child, have tax consequences for the entire calendar year in which it occurred. For example, if you were divorced in December, you will have to file as single, even though you spent 11 months ...

Infant Head Injuries Rise During Recession

2011-06-05

Infant Head Injuries Rise During Recession In a shocking revelation, researchers at University Hospitals Rainbow Babies and Children's Hospital in Cleveland, Ohio, reported that the incidence of non-accidental head trauma in infants increases dramatically during times of economic recession. A study at the University of Pittsburgh in 2010 came to a similar conclusion. In that study, which evaluated cases of non-accidental head trauma of infants and young children from 2004 through 2009, researchers found that twice as many abusive head trauma cases occurred per month ...

Regulations Propose Stricter Hours of Service Monitoring

2011-06-05

Regulations Propose Stricter Hours of Service Monitoring According to the National Highway Transportation Safety Administration (NHTSA), part of the U.S. Department of Transportation (DOT), driver fatigue kills 1,550 people each year and contributes to 71,000 driver-fatigue injuries. To combat this public safety problem, the DOT had already proposed a mandate that companies that habitually violate federal hours-of-service standards install electronic onboard reporters (EOBRs). In February 2011, the federal government expanded the requirement to include a majority of ...

Doctors Have a Duty to Disclose Risks to Patients

2011-06-05

Doctors Have a Duty to Disclose Risks to Patients The law allows a patient to have control over his or her own body. To that end, a patient must give informed consent to a doctor before the doctor can perform a medical procedure. The patient needs enough information to make an educated and intelligent decision regarding medical care. When at all possible, a doctor should inform you: -What illness or condition you have -What treatments are available -The risks involved with those treatments -The likelihood of success for those treatments -The risks of failing ...

State Patrol Using Traffic Cams and Cell Phones to Catch Drunk Drivers

2011-06-05

State Patrol Using Traffic Cams and Cell Phones to Catch Drunk Drivers According to the Associated Press, Minnesota's Department of Transportation monitors over 500 cameras to observe traffic throughout the state, with most focusing on the Twin Cities and surrounding areas. More and more, the Minnesota State Highway Patrol is relying on this network of traffic cameras and citizens reporting drunk drivers on the road. After a driver spots a suspected drunk driver and calls 911, the dispatcher uses the traffic cameras to locate the vehicle. Law enforcement officers ...

Worn Out Women Are Filled Back Up At The Worn Out Women's Conference In Greensboro, North Carolina, Saturday, June 4, 2011 featuring Kelly Swanson Motivational Speaker.

2011-06-05

Westover Church in Greensboro, NC will be hosting the Worn Out Women's Conference on Saturday, June 4th, 2011. Close to 400 women have signed up for this special day of laughter, fellowship, healing words from the Father, and food for the soul. The day is filled with praise and worship from singer/songwriter Abby Sutton, powerful teachings by Angela Thomas, and a hilarious and incredibly moving one-woman show from Kelly Swanson, award-winning storyteller, comedian, and motivational speaker. The goal is to give women a place where they can escape for the day. Where they ...

SocialNetworkingScript.com is Launched, Offers Information on How to Setup a Social Network

2011-06-05

The owner and developer of http://www.socialnetworkingscript.com announced the release of the website today. The website is aimed at businesses, webmasters and amateurs that wants to start their own social network. After Facebook's huge success, more and more businesses and individuals are searching for information and help to set up a social network. Webmaster and owner Lena Larsen said she registered the domain back in 2006 when she noticed how many people were searching for information on how they could start a website similar to Facebook. "I got busy with other ...

Investec Specialist Private Bank Reports: Cash - A Sipp's best friend

2011-06-05

Demand for wrappers, such as Self Invested Personal Pensions (SIPPs) and Small Self- Administered Schemes (SSAS), is continuing to rise with some industry experts estimating that in three years' time one million SIPP plans will have been sold. Indeed, in the 12 months to November 2010, a third (36%) of IFAs1 saw an increase in demand for SIPPs, with growth driven in part by a desire for greater control over pension planning. Following the changes to the retirement age, which came into force on 5th April 2011, there is now a wider realisation in the UK that we can no ...

Healthcare Coalition Focuses Attention on Patient Access Issues

2011-06-05

With experts predicting significant shortages of healthcare providers in coming years, representatives of leading healthcare professional organizations met recently to discuss how to ensure patient access to safe, quality care. During the annual leadership meeting of the Coalition for Patients' Rights , a national group composed of more than 35 professional organizations, attendees heard perspectives from invited representatives from the Federal Trade Commission, AARP and the Citizen Advocacy Center on their shared goal of expanding consumer access to care. "There ...

Property Ownership for Unmarried Couples

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: