Joint tenancy separation is the process of dividing joint ownership of property into separate shares. It is commonly done during divorce. In joint tenancy, when one person dies, their share automatically transfers to the surviving person. The process involves filing for partition, which may result in the property being divided or sold. If either party wishes to purchase the other shares, the property must not be offered for sale to the public. Roommates who have paid expenses in excess of their ownership share may be recognized by the court.
A joint tenancy separation is the process of transforming a joint tenancy, in which two or more people jointly own property, into a joint tenancy, in which each person owns a separate share of the property. A joint tenancy separation is a fairly simple procedure and is most commonly done when a married couple gets divorced. They become joint tenants until the property is sold or ownership is transferred entirely from one person to another. Joint tenancy normally applies to ownership of land but, in some cases, may apply to money or other valuables.
The result of co-tenancy, also known as survivor co-tenancy, is that when one person dies, their interest in the property automatically transfers to the surviving person or persons involved in the joint tenancy. The joint lease deed must clearly show the intention of a joint lease; for example, it should specifically say something like “to John A. and Jane A. as joint tenants with survival rights and not as joint tenants”. This is of particular importance to avoid any misinterpretation in US states where the term “joint litigants” is synonymous with “joint tenancy”.
The process for a joint tenancy separation begins with one person filing for a partition, a legal right that the other person or people in the joint tenancy has no way to stop. If the housemates cannot agree among themselves how to divide the property, the matter is taken to court. The usual outcome is that the court orders the property to be divided into parts and each is given a share of equal value, or the property is sold and the proceeds of the sale are divided equally between the parties. This regardless of the possible contribution of the individual parties to the purchase price of the property.
If either party wishes to purchase the other shares of the property during the termination of the joint lease, the property must not be offered for sale to the public. Another way to avoid a sale, which is normally done through a public auction, is for multiple joint tenants to combine their shares in the property to claim majority ownership. However, not all US states allow these actions. During condo separation proceedings, roommates who have paid expenses in excess of their ownership share, such as for property maintenance, may be recognized by the court, particularly if their expenses have increased the property’s assets. value.
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