What kind of property can be held in joint tenancy?

Although it’s typical that joint tenancy refers to real property (land and everything attached to it), it can be used to secure personal property as well. This could be everything from your car to your baseball card collection.

What happens when joint tenants separate?

When joint tenants separate, one or the other of them may be able to end the joint tenancy if it doesn’t say anything about a right of survivorship. If there is a right of survivorship, they have to mutually agree to end the joint tenancy. In the case of a divorce, there could understandably be acrimony. The joint tenancy can be severed pursuant to court approval.

How do you sever a joint tenancy with the right of survivorship?

If both parties agree, they may choose to simply convert the title to tenancy in common. In a divorce or other disagreement, a judge may choose to award the property to one party or the other or do a partition with each person getting a portion of the property. A buyout may also be a good option.

What Is Joint Tenancy In Real Estate?