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Joint Tenancy and Divorce: What Happens to the Property?
- Joint tenancy is a form of property ownership where two or more people hold equal shares of the property with the right towards survivorship
- Divorces open up new chapters of challenges involved with joint tenancy. The right of survivorship is often less inclined whenever the couple decides to part ways
- In matters related to divorce, joint tenancy is considered as the marital property subject to the division based on the laws of the state or country whenever the divorce gets filed
- One of the key steps involved with addressing the joint tenancy property at times of divorce is severing the joint tenancy
- Handling issues relating to joint tenancy and issues surrounding divorce involves some legal procedures, though sometimes one may need the services of a lawyer
- Friendly communication reopens with the ex-spouse as much as possible, reducing tension and enhancing negotiations on the different aspects that may be necessary in a certain circumstance
- Consulting with a financial planner and an estate agent can also prove helpful
- Mediation is not less effective than its judicial equivalent as a mechanism for solving conflict situations and reaching a consensus
- After transfer, all property owned as joint tenants must be separated, and any documents, including wills and trusts, must be amended to reflect this situation
- Getting professional advice ensures the appropriate property division
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