Upon death of one of the spouses, the deceased spouse’s. If property is held as separate property, an individual has exclusive title and legal rights to it. Unity of time - all joint tenants acquire their interest at the same time 4. the other hand, the essence of a joint tenancy was the existence of. Joint tenancy property passes outside of probate, however, it may be severed so that the property becomes part of one person's estate and passes to that person's heirs. In contrast to a joint tenancy, tenants-in-common own the same property in definite and separate shares. the recipient spouse keeps the gift as separate property, but the gift’s value is factored in when dividing marital property, or. Property or money acquired by gift, will, or inheritance is also separate property, even if it is received during the marriage. State probate law determines whether property passes without probate. S. Arizona married homeowners should take advantage of this newer law. ’If you are using our website the first time, follow the tips listed below to get your Michigan Warranty Deed for Separate or Joint Property to Joint Tenancy fast: Make certain that the document you find is valid in your state. Draw your signature, type it, upload its image, or use your mobile device as a signature pad. " The main advantage of holding property as joint tenants is that it allows property to pass automatically to the survivor when the other owner dies. The disclaimer further states that the Grantor will no longer claim any rights in the property sold to. Tempe Arizona Agreement Converting Joint Tenancy Property into Community Property - Deed Obtain a template and reuse it as often as you need, or use US Legal Forms integrations with PDF modifying and electronic signing platforms to prepare the form. Purchasing real estate together is a big step that shows commitment to one another. Convey Real Property Using Deeds • See A. spouse signing a quitclaim deed to the property. Understanding Beneficiary Deeds. R. The decedent's property interest transfers automatically to the joint tenant. If the joint tenants agree on a purchase price, the seller prepares a deed to convey the real property to the other joint owner. Each joint tenant must have equal shares in the property For e. Separate property. The Court of Appeals agreed with the general proposition that placing the property in joint tenancy constitutes a gift to the community, but noted that jointly held property was subject to equitable, not equal, division. Joint Tenancy. C)Joint tenancies can only be severed with the permission of a court. 2d 492 (1969). Arizona Revised Statutes Title 33. Ashley and Braxton, a married couple, purchase a home as joint tenants with right of survivorship for $200,000. Generally, a property that is acquired separately remains separate during the marriage. Arizona offers two ways to accomplish this: a quit claim deed or a warranty deed. Download the form in the required format. And in California, that. Chandler Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy Make the most of our extensive online form library to make sure you always can get up-to-date. The quit-claim deed is not typically used for residential real estate purchase transactions. All tenants must become joint tenants at the same time, and via. Transfers of real property must be in writing and notarized. Click on New Document and choose the file importing option: upload Joint Tenancy to Tenancy in Common Deed - Arizona from your device, the cloud, or a protected link. 33-416). This means that the deed will not protect the grantee against title issues that arose prior to the time the grantor acquired title. The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided. 933 (1931). Edward is disabled and has two adult daughters, Gwen and Stacy. R. Note that a joint tenancy with rights of survivorship can be severed if one of the co-owners deeds all or part of that person’s ownership interest to another party, or puts it. in severalty. Note: If a married person enters into a joint. Enter into a Deed of Gift with the person you wish to give the property to. Tenancy in common: property is owned by two or more owners. Spouses can change separate property to community property by transferring the title into joint ownership. 12 for couples) in 2022. Section 47-02-06. If a married person acquires title as sole and separate property, his/her spouse must execute a disclaimer deed. Warranty Deed to Separate Property of one Spouse to both as Joint Tenants: In this type of deed, the separate property of one spouse is transferred to both spouses as joint tenants. A transfer of real property on death receives a stepped-up value to current market value, for capital gains purposes, Grier said. 2. Under §1014(b)(6) the tax basis of the entire property is stepped-up (or down). any property one spouse owned alone before the marriage. It transfers sole title to the party who is awarded that property. Upon the death of one owner, title automatically goes to the surviving joint owner or owners. Arizona property law has several notable rules: State the grantor’s and grantee’s full name on the gift deed, along with their marital status and mailing addresses. Half-relatives. If this instrument establishes the real estate as one spouse’s separate property, such as a. In order for a spouse to take sole ownership in Arizona, the deed must show the property to be the owner’s “sole and separate property. L. A joint tenancy deed can be established without rights of survivorship and the property share would pass to the designated beneficiaries. A quit claim deed is used in a divorce to change joint ownership into sole ownership. Tenancy by the Entirety. In estate law, joint tenancy is a special form of ownership by two or more persons of the same property. If fractional interests are stated, they must total 100%. Property acquired during the relationship, but before the legal marriage, remains a separate asset. ( In re Reed (9th Cir. it is clear that a substantial gift would have taken place the moment he made Liz a joint owner on the deed. 01. “This conveyance establishes sole and separate property of a spouse. As discussed below, some of these methods of ownership are not available to every couple. An increase in the value of that separate property during the marriage is also separate property. L. Earnings of either spouse during a marriage are community property in Arizona. Therefore, selling or mortgaging the property will require the agreement of all joint owners. In Arizona, married couples are required to divide property upon divorce. Washington State. a. The last surviving joint tenant acquires full title to the property. John and Ted remain joint tenants owning two-thirds interest. Marital property is any asset — real estate and personal property — that either spouse acquired during marriage, like a house or land rights, a car, furniture, and. 11 Upon the death of one joint tenant, the entire estate remains to the others. Upon death, the decedent’s interest passes. If a married couple acquires title as joint tenants with the right. The most common exemption code related to a divorce is A5, which refers to a conveyance recorded to satisfy a court order. At common law such a deed lacks the four-fold unities of. 787 (1927), we stated:Locate North Carolina Warranty Deed for Separate or Joint Property to Joint Tenancy samples developed by skilled legal representatives and get away from the high-priced and time-consuming process of looking for an lawyer and after that paying them to draft a papers for you that you can find on your own. Therefore, joint tenancy property is not subject to disposition by will. Contact Adam today at 480-750-7337 or by email at adam@gundersonlawgroup. Marital property is subject to division in a divorce, and may present issues when administering a will or trust document. A separate law called the doctrine of necessaries may obligate you to pay your spouse’s debt. You must determine whether you will own the property as joint tenants or tenants-in-common. Murin took title to the whole property in the divorce. S. As of July 20, 1996, the Arizona legislature effectively abolished the requirement of the “straw deed” and the necessity of joint tenants to all take their interest at the same time. R. Compare title types and learn about the advantages and disadvantages of tenants in common, joint tenancy, community property, community property with right of survivorship and sole ownership. The other children are. AI Usage. With joint tenancy, multiple owners end up sharing equal ownership rights. Graber, 170 Colo. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. Tempe Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy Obtain a form and reuse it as many times as you need, or use US Legal Forms integrations with PDF editing and electronic signing solutions to prepare the form. Instead, the divorce serves to change the joint tenancy title to tenancy in common so the surviving ex-spouse owns half the house, and the deceased spouse's heirs. a. ” (See Brown v. A deed that conveys an interest in real property, including any debt secured by a lien on real property, to a grantee beneficiary designated by the owner and that expressly states that the deed is effective on the death of the owner transfers the interest to the designated grantee beneficiary effective on the. In “joint tenancy,” each owner has an equal and undivided interest in the property. A transfer solely in order to provide or release security for a debt or obligation, including a trustee’s deed pursuantBackground. All joint tenants will have equal interests in the jointly-owned property, typically 50/50. R. Sole And Separate Property In New Mexico, property can be owned as separate property, community property, in joint tenancy, or as tenancy in common. Locate Kansas Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants samples made by professional legal representatives and avoid the high-priced and time-consuming process of looking for an lawyer or attorney and then paying them to write a document for you that you can easily find on your own. One party may own 60% while another party owns 40%. "California Family Code Section 852: Converting Community Property to Separate Property. In other cases, however, the judge may decide to award one spouse a greater percentage of the marital. During their joint lives, each spouse has an undivided, fractional. any property or asset that is covered by a valid prenuptial agreement or a postnuptial agreement. While alive, Mrs. Which one of the following statements regarding different forms of property co-ownership is CORRECT? A) Joint tenancy with right of survivorship (JTWROS), tenancy by the entirety (TBE), and community property (CP) are all forms of co-ownership that can be used by a husband and wife. Arizona courts presume a gift when a spouse places separate real property in joint tenancy with the other spouse. § 25-318(A). Joint tenancy is a legal term for an arrangement that defines the ownership interests and rights among two or more co-owners of real property. For example, if Veronica’s father leaves her $25,000 in his will, that $25,000 is Veronica’s separate property, even if she acquired it during her marriage to Phil. R. A “transmutation” is an interspousal transaction or agreement that changes the character of property as community or separate. such as a change from joint tenancy to community property. Though the arrangement will last as long as their marriage, it can be dissolved by mutually agreeing to gift the property to a different party, death, or divorce. If two or more people share rights to the property, things get a little bit more complicated. • A gift of lands to two or more persons in joint tenancy is such a gift as imparts to them, with respect to all other persons than themselves, the properties of one single owner. Sole and Separate: Real property owned by a spouse before marriage or any acquired after marriage by gift, descent of specific intent. Stamp and pay the duty of the Deed of Gift for the market value of the property that is to be given. A6. state-level legal distinction of a married individual's assets. There are several joint ownership options in Arizona, each with its advantages and disadvantages. Enter your search criteria below. Surprise Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy A professional template by US Legal Forms will assist you to spend less time and costs, and stress. In Arizona, community property law presumes. In order to create a joint tenancy, the document. On the deed, you’re the grantor. Marital Property: A U. Author: Francisco Sirvent - Keystone. The Joint tenants must derive their interest by the same instrument (e. Joint Tenants with Right of Survivorship - JTWROS: Joint tenants with right of survivorship (JTWROS) is a type of brokerage account owned by at least two people, where all tenants have an equal. In Arizona, deeds of trust are creatures of statute. B)Tenancy by the entirety is a special form of joint tenancy only available to residents of Louisiana. An allowance for child support or spousal maintenance, or. In. Property law in Arizona falls under ARS Title 33 of the Arizona Revised Statutes, and joint tenancy with the right of survivorship is under ARS Title 33-431 of the same Statutes. It is only available in nine states currently: Arizona, California, Idaho, Louisiana,Nevada, New Mexico, Texas, Washington, and Wisconsin. Separate(The root of. Words in the deed such as “Bill, John and Mary as tenants in common” establish tenancy in common. Separate ranges with a colon. The. If two or more people share rights to the property, things get a little bit more complicated. If you die first, after a long marriage, and your spouse sells that $100,000 house for $750,000, their capital gains totaled $650,000, and they must pay capital gains tax on $400,000. Joint tenancy. These benefits have not previously been combined. He argued that the property was held by the spouses as joint tenants or remained the separate property of the husband. result of commingling community and separate property in arizona; increased value of a business in an arizona divorce; gift of separate property through a joint tenancy deed. Virginia. Arizona is one of 10 community property states. R. 01. Codes. For example, you may have sole ownership of the property, joint tenancy with the right of survivorship,. Property can be owned and managed by both owners by use of trusts. B)Tenancy by the entirety is a special form of joint tenancy only available to residents of Louisiana. In those cases where a deed or other recorded documents are filed, the deeds and certain other recorded documents must be. The Long Answer. By bringing a co-owner onto the deed, you relinquish a part of that control. Separate Property. However, like a single living trust, other beneficiaries can be designated as well. Joint tenancy is a type of property ownership that allows two or more individuals to co-own property with equal shares and rights of survivorship. If you are using our service the very first time, follow the instructions below to get your Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy quickly: Make. Arizona law specifies that a trust deed on community property is not valid unless both spouses execute and acknowledge it. Order the property sold and the proceeds divided between the parties, or. A joint tenancy is severed by (a) mortgage or creation of a deed of trust, (b) transfer to a revocable or irrevocable trust, (c) contract to convey the property, or (d) destruction of one or more of the four unities; and the result is the failure of the right of survivorship. N. In Florida, tenants by entireties means both spouses own an undivided interest in 100% of the property. The two parties could be a husband and wife, business partners or any other combination of people who have a reason to. d. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. Any real or personal property acquired by either spouse during the marriage becomes community property. A gift of a joint interest in real property is complete, perfect, and irrevocable. It’s also critical for all of your tenants in common to agree to the sale overall. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. If all the marital property is owned as joint tenants, then at the time of the first spouse’s death, nothing needs to happen to transfer property. was to them as separate individuals and not to them as a unit. Estate Tax upon Joint Tenant’s Death p. 2018) WL1755415, an unmarried couple purchased a residential property and held title as joint tenants for approximately thirty years. A life estate deed is not the only way to transfer property at death. 2. Grant Deed. Buyouts. . When contributions of community funds or labor are used to benefit a spouse’s sole and separate property the community is entitled to a community lien “reflecting its contribution to. Of course, if the title or deed to a piece of property is put in the names of both spouses, however, then that property would belong to both spouses. c. The deed is signed by the grantor (giver). Olson with a right of survivorship. Joint tenancy is a property law concept that allows numerous people to possess and own property jointly. That’s because you’ll need all of the owners to be available to sign over the deed. We offer services for clients throughout Arizona, including Chandler, Gilbert, Sun Lakes, Tempe, Phoenix, Mesa, Scottsdale, and Apache Junction. Joint tenancy is an arrangement that allows beneficiaries to access your account without having to go to court. 11-468). Stat. As of July 20, 1996, the Arizona legislature effectively abolished the requirement of the “straw deed” and the necessity of joint tenants to all take their interest at the same time. Joint tenancy is one form of co-ownership. the gift or inheritance is classified as marital property, which can be divided between the spouses. § 33-405. 12 However, it is possible for a husband and wife to own real or personal property as tenants in common. Yes, you can overcome the disclaimer deed. B1. Joint tenants must have equal ownership interests in the property. When you add your spouse to the deed, however, the spousal basis is still what you paid for the property. 37, 38, 155 N. S. Disposition. Offers FREE consultation! Posted on Feb 16, 2018. Joint ownership of real property can be categorized as the three most common types of ownership: Tenants in Common (“TIC”); Joint Tenancy; and. This form is a Warranty Deed where separate property or joint property is converted to a joint tenancy holding. This is typically between business partners, as well as married couples. When two or more people own property as. if you have "issue" (children, grandchildren, etc. By deed or by will. Establishing separate property of a spouse. §33-431) are deeds whose language expresses that the grantees' The interests that joint tenants hold during their lives are equal and concurrent. A spouse's real and personal property that is owned by that spouse before marriage and that is acquired by that spouse during the marriage by gift, devise. The deed must explicitly stipulate a joint tenancy, and the owners must be explicitly identified as joint tenants. C. The most controversial feature of a joint tenancy is not the relationship among joint tenants while both or all are living, but theWhen recorded, a special warranty deed conveys an interest in real property to the named grantee with limited warranties of title. Wisconsin’s Uniform Marital Property Act (chapter 766 of Wisconsin Statutes) was adopted in 1986, and follows many community property. The joint tenants must have undivided interests in the whole property, not divided interests in separate parts (3) Unity of title. First, we look to the law. A joint tenancy is severed by (a) mortgage or creation of a deed of trust, (b) transfer to a revocable or irrevocable trust, (c) contract to convey the property, or (d) destruction of one or more of the four unities; and the result is the failure of the right of survivorship. There are definite limits on the effectiveness of joint ownership as a probate-avoidance strategy. When you sign a quit claim deed, you do not make any guarantees or promises about whether someone else also has a legal interest in the property. - from Nolo dictionary of legal terms, separate property ; ↑ Although joint ownership allows a. Arizona’s community property law for spousal debt is complex, so don't assume automatically that you must pay your spouse’s debt. provides a variety of Deed Forms for Arizona residents. JTWROS indicates that if there are two or more owners on the asset, and one owner dies, then the surviving owner or owners will continue to own the asset. Gift. When a property is held in joint tenancy, for example, every person in that agreement owns an equal share of the property. (Or, if there are three joint tenants, only at the death of the first two, and so on. John, Ted, and Alice own property as joint tenants. Joint tenancy. SUBTITLE B. The separate property of each spouse is distributed to the spouse who owns it and is not divided according to the 50/50. Joint tenancy is the default concurrent interest. Click here to go back to previous page. Joint tenancy with right of survivorship (“joint tenancy” or “JTWROS”) is just one of numerous ways multiple persons can hold title to real property. S. Joint tenancy is a form of concurrent ownership – i. When the real or personal property is owned jointly by a husband and wife, there is virtually no difference between a joint tenancy with right of survivorship and a tenancy by the entireties. . In Arizona, all property acquired by a couple after marriage is presumed to be community property. Gift tax—Depending on who the joint tenants are, there may be gift tax implications for transferring or tilting property in joint tenancy. Conclusion. Joint Tenancy. 15A-146A joint tenancy is a way two or more people can own something together, from a house to a painting of Whistler's mother. Separate property is owned by an unmarried person or owned by a person before marriage. There are many reasons why it may be a very bad idea to transfer property into, or to own property in, joint tenancy: Prescott AZ lawyers. Not every deed that describes the co-owners as joint tenants is sufficient to create a joint tenancy. If acquired after, then the property was subject to the presumption under Family Code §760, he said. The rules differ somewhat from state to state, but, generally speaking, gifts made to transform one type of property into another must be made with a signed document. Wisconsin. A. Otherwise, you can follow the steps outlined below to convert a joint tenancy to a tenancy in common: Although not required, hire a title company that will help with the deed modification process. The law, Mr. B and A each hold a 50% interest. Likewise, retitling a stock or bond by adding a joint owner as joint tenants with rights of survivorship is a gift. Each form must be notarized. A surviving joint tenant automatically takes a deceased joint tenant's interest. Each joint owner has an undivided right to possess the whole property and a proportionate right of equal ownership interest. Arizona is one of the nine traditional community property states. Upon the death of one tenant in common, his or her ownership interest passes to his or her heirs as part of the estate. In many states, 4 unities must be satisfied to create a joint tenancy: unity of possession; unity of interest;All joint tenants must agree to the sale or mortgage of the property. This means that the transfer of property from one party to another was ordered by the court. If you wish to terminate your joint tenancy while retaining an interest in the property, there are a few options to consider. a deed or will) (4) Unity of interest. If there were five owners, each would control 20% interest in the property. Arizona adopted a new form of title called. Your home is equally shared between you, fifty-fifty — no matter how it’s titled. In a community property state, if the deed says the property is owned "as husband and wife," that means community property. The following are community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Gila County Recorder Office 1400 East Ash Globe, AZ 85501 Phone (928) 425-3231 FAX (928) 425-9270 Office Hours: 8:00 a. Beneficiary deeds; recording; definitions. (520) 433-9631. For instance, as a property owner, you can choose to own 75% of the property, while your co-owner owns the remaining 25%. When multiple people own property in Arizona, they are usually referred to as concurrent estates. Probate Attorney in Oro Valley, AZ. For example, say that you have a job earning a regular salary. ), who outlive you (whether they are grown or not) then half of your separate property probate assets will go to your spouse and the other half to your issue; B. Tenancy in common is a form of joint ownership, where two or more individuals own an equal or unequal share of a property. This includes real property. Tenancy in common. 4221. In general, Arizona allows multiple individuals to hold title in one of three ways: tenancy in common, joint tenancy, and community property (§ 33-431). The amount of tax depends on your relationship. Trusts can be both single and joint. An equitable division of marital property is not always an equal division. Baldwin’s son claims, gives married people only two ways to hold property: (1) They can own it together as community property. Edit your joint tenancy deed online. ership of a part explains how each joint tenant has a presently alienable in-terest. You can choose more than one person as your grantee or another legal entity. Type text, add images, blackout confidential details, add comments, highlights and more. If one joint tenant dies, the surviving joint tenant. Other simple and expedient methods exist to plan an estate, whether the estate is large or small. Revise it with your favored offline or online editor, fill it out, sign it, and. In 1995, the Arizona legislature made the. This means that when one owner passes away, their share of the property automatically transfers to the surviving owner (s) without going through probate. Baldwin could only hold property as community property. This is the case for properties owned by family members or friends as joint tenants with rights of survivorship. A spouse's separate property consists of: (1) the property owned or claimed by the spouse before marriage;. Transferring or Adding Someone to the Title of a House in Arizona. Upon the death of an owner, the decedent’s interest ends and the survivor owns the property. In Arizona, all property acquired by a couple after marriage is presumed to be community property. 75 A. Couples and business partners can take title to each other's bank accounts. Affidavit of Property Value – *Required for every deed or transfer of ownership (*except for property that is transferred through quitclaim for no monetary exchange or for a nominal amount. For example, say that you have a job earning a regular salary. 00 is paid to the spouse who had the Family Code 2640 reimbursement claim. For. 2. To rebut the presumption, a tracing rule is avail-able to taxpayers who can demon-strate that the surviving joint tenant contributed to the acquisition of the property, which allows for an alloca-tion of the property between the two joint tenants based on their respec-tive contributions. Joint tenancy is part of what are sometimes called nonprobate transfers on death. A joint tenancy can be created only by the intentional act conveying a deed or giving the property by Will, not implied or created by operation of law. 3. Marital property includes: Real property you and your spouse bought during the marriage, except for any contributions of your separate property you may have made to such property, like paying part or all of the down payment with separate property funds; Personal property, like cars, boats, airplanes, furniture, and artwork you and your. tenants. Joint tenancy deeds offer automatic rights of survivorship. R. These can be very technical issues. Posted on Apr 29, 2011. Specific state laws will dictate the ins and outs of these concurrent ownership alternatives where you live, but here is an overview of the rights of concurrent property owners. N. Make sure and use the legal description on the deed. R. They acquired the property at trustee sale and took title subject to an existing mortgage. The deed does not alter the owner’s current interest in the property, and it is simple to modify, offering additional protections and. This ownership structure is specifically for married couples. When multiple owners are not joint tenants (or a married couple with right of survivorship), then the beneficiary deed becomes effective as to the signer’s share of the property at their death. All four unities must exist. 2. Tenants in common have separate titles,. For example, if you own a 50% interest as a tenant in common, the beneficiary named in your beneficiary deed becomes a 50% owner on your death. §33-405 (statute includes a sample form) • Beneficiary deeds (A. In Arizona’s version,. A joint tenant has an ownership interest in the property that is equal to the interest of the other joint tenants. When a joint tenant dies, the other joint tenants automatically inherit the property. If a condition applies to one owner but not to the other, there is no unity of title; 3) Each owner must have an. 12 In F. Tenancy by the entirety is the status quo arrangement in many states and the District of Columbia for married spouses who acquire personal property, such as landed assets. Joint tenancy is appropriate only when each joint tenant (in theory, there can be any number) owns the same percentage of the property. 3 Joint tenancy with right of survivorship may be the simplest and most efficient way for spouses to own property. created a tenancy in common, not a joint tenancy, because the gift. Additionally, with tenants in common, the ownership percentage may not be equal. I f the properties are community, then the entirety of the Braces ’ interests in the properties becomes part of husband’s bankruptcy estate. Equal between (or among) all of the joint tenants. Real Estate is owned in one or two ways:Separate ownership, or Severalty or Concurrent ownership; In California, property is generally owned in one of 6 distinct forms of ownership: Severalty; Tenancy in Common; Joint Tenancy; Tenancy in Partnership; Community Property; and Community Property with the Right of Survivorship. The rules for when a transfer of property in joint names is a gift are complicated. You will also need to include the legal description of your property. Read the code on FindLaw. With a joint tenancy, each joint tenant’s interest must be created by the same instrument, each interest must be equal, and each tenant must have the same rights and obligations respecting the property. com. As with the tenancy in common, there’s no need for a will or probate, because after one spouse dies the surviving spouse automatically takes ownership. Type text, add images, blackout confidential details, add comments, highlights and more. Learn why you should terminate them with experienced. Arizona adopted a new form of title called. 1990). If one joint tenant passes away, their ownership share in the property is passed on to the remaining joint tenants. Swink v. g. In Raptes v. But when you’re taxed, you can deduct the cost basis (a measure of how much you invested in it). Joint tenancy is a legal definition that applies to how a property or other assets are owned. A tenancy by the entirety is a form of joint ownership that protects property from creditors of either spouse. MARITAL PROPERTY RIGHTS AND LIABILITIES. If a married couple wishes to take property as tenants in common, they must specifically state so in writing and reject holding the real estate as community property. Much like the accidental misspelling of quitclaim as quick claim, a quitclaim deed document is a fast way to transfer real estate title from one owner to.