Joint Owned Property

DEFINITION of 'Joint Owned Property'

Any property held in the name of two or more parties. The two parties could be a husband and wife, business partners or any other combination of people who have a reason to own property together. Property that is jointly owned may be held in one of several legal forms including joint tenancy, tenancy by the entirety, community property or in a trust.

BREAKING DOWN 'Joint Owned Property'

Choosing the best form of ownership for joint property can greatly simplify things if one of the owners die. For example, joint tenancy is commonly used to avoid probate, a lengthy, costly and public process of distributing the deceased's assets in court.

To prevent a conflict, if one party wants to sell their interest in the property at some point in the future, the owners should sign a buyout agreement, ideally when the property is first taken into joint ownership.

RELATED TERMS
  1. Joint

    A legal term describing a transaction or agreement where two ...
  2. Joint Venture - JV

    A business arrangement in which two or more parties agree to ...
  3. Joint Return

    A U.S. income tax return filed on behalf of a married couple, ...
  4. Joint Stock Company

    An organization that falls between the definitions of a partnership ...
  5. Jointly and Severally

    1. A legal term describing a partnership in which individual ...
  6. Joint Account

    A bank or brokerage account that is shared between two or more ...
Related Articles
  1. Your Practice

    Advisors: $240B in Fees Up for Grabs by 2030

    Advisors have an opportunity to win generational assets over the next 15 years. Here are some tips on how to cater to different demographics.
  2. Personal Finance

    Want Your Will to Prevail? Don't Die Intestate

    If you die without making a last will and testament, you are said to have died intestate. What happens to your assets in this case?
  3. Your Clients

    When to Trust a Revocable Trust

    Unsure of how your assets will be dispersed once you're gone? Here's how setting up a revocable trust while you're here can be a big benefit.
  4. Retirement

    Your Retirement-Planning Team

    As you accumulate wealth, retirement planning can be too complex for just one person. The right team can help you avoid headaches and reach your goals.
  5. Personal Finance

    How Survivorship Life Insurance Works

    Should you buy a survivorship life insurance policy?
  6. Insurance

    Dividend-Paying Whole Life Insurance: What to Know

    Many whole life insurance policies pay dividends. Here are what policyholders need to consider.
  7. Taxes

    Understanding the Widow’s Exemption

    A widow’s exemption generally refers to the amount a widow can deduct from her taxable income to reduce her tax burden.
  8. Mutual Funds & ETFs

    What's a Unit Trust?

    The term, “unit trust,” in the United Kingdom is synonymous with “mutual fund,” the term used in the United States.
  9. Retirement

    Making Spousal IRA Contributions

    Eligibility requirements, contribution limits and tax deductions all change with one little ring.
  10. Taxes

    Tax-Saving Advice for IRA Holders

    Be informed about benefits and deductions that may apply to you and avoid costly mistakes on your return.
RELATED FAQS
  1. Are estate planning fees tax deductible?

    Estate planning fees may be tax deductible, but only if certain conditions have been met. Internal Revenue Service (IRS) ... Read Full Answer >>
  2. Can personal loans be included in bankruptcy?

    Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case ... Read Full Answer >>
  3. How much money does Texas make from unclaimed property each year?

    In 2014, the office of the Texas Comptroller of Public Accounts reported $234 million in unclaimed property claimant liabilities, ... Read Full Answer >>
  4. How much money does Michigan make from unclaimed property each year?

    According to the 2013-2014 Annual Report of the State Treasurer, the state of Michigan earned only $82,875 in abandoned and ... Read Full Answer >>
  5. Who decides if a financial security should be escheated?

    There is no one entity who "decides" to escheat assets. Rather, financial institutions are required to report inactive accounts ... Read Full Answer >>
  6. What financial assets can be escheated?

    Any financial assets you hold at a bank or investment or brokerage firm can be escheated by the state government if your ... Read Full Answer >>
Hot Definitions
  1. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  2. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  3. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
  4. Dark Pool Liquidity

    The trading volume created by institutional orders that are unavailable to the public. The bulk of dark pool liquidity is ...
  5. Godfather Offer

    An irrefutable takeover offer made to a target company by an acquiring company. Typically, the acquisition price's premium ...
Trading Center