Joint Owned Property

AAA

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.

INVESTOPEDIA EXPLAINS '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 Return

    A U.S. income tax return filed on behalf of a married couple, ...
  3. Joint Venture - JV

    A business arrangement in which two or more parties agree to ...
  4. Joint Account

    A bank or brokerage account that is shared between two or more ...
  5. Joint Stock Company

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

    1. A legal term describing a partnership in which individual ...
RELATED FAQS
  1. How does the trust maker transfer funds into a revocable trust?

    Once a revocable trust is created, a trust maker transfers funds or property into the trust by including them in a list with ... Read Full Answer >>
  2. What is the difference between a revocable trust and a living trust?

    A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed ... Read Full Answer >>
  3. What is a family Limited Liability Company (LLC)?

    A family limited liability company (LLC) is formed by family members to conduct business in a state that permits such form ... Read Full Answer >>
  4. How is maintenance of standard of living for survivors accomplished in estate planning?

    Estate planning is an integral component of comprehensive financial planning, as it allows individuals and couples to maintain ... Read Full Answer >>
  5. What is the difference between an intervivos trust and a testamentary trust?

    Estate planning offers tools to establish and maintain effective control over cash, investment and real estate assets during ... Read Full Answer >>
  6. What are the differences between a Chartered Financial Analyst (CFA) and a Certified ...

    The differences between a Chartered Financial Analyst (CFA) and a Certified Financial Planner (CFP) are many, but comes down ... Read Full Answer >>
Related Articles
  1. Professionals

    How Advisors Can Tackle the Big Wealth Transfer

    The massive wealth transfer from Baby Boomers to their heirs presents opportunity and challenges for advisors. Here's how they can tackle the challenges.
  2. Professionals

    How Advisors Can Help New Doctors Conquer Debt

    Doctors have high potential for building long-lasting wealth, but they need advice on the best way to pay off student loan debt first.
  3. Professionals

    Advisors: Get Those Referrals! (Here's How)

    If you're not talking to your clients about referring you to friends, you should be.
  4. Taxes

    An in Depth Look at How Inheritances Are Taxed

    The tax implications of an inheritance can be complex. Here's what beneficiaries need to know.
  5. Professionals

    How Advisors Can Assist Clients with Inheritances

    Leaving an inheritance can be complicated and even a burden on the recipient. Here's how advisors can help.
  6. Professionals

    How Financial Advisors Can Woo Wealthy Clients

    To woo wealthy clients, offer the resources they need and design a strategic website and marketing plan to bring those desired clients into your firm.
  7. Professionals

    Do Big Inheritances Do More Harm Than Good?

    Most wealthy parents plan to pass on their wealth, but few have had discussions with their heirs. Financial advisors should broach the issue with clients.
  8. Personal Finance

    Top Tips for Helping Clients Sustain Wealth

    High-net-worth individuals face a number of potential challenges when passing wealth down, but it is possible to build generational wealth.
  9. Professionals

    How Advisors Can Help Couples Agree on Finances

    Financial advisors often end up being mediators when it comes to working with couples. Here are some ways to get them on the same financial path.
  10. Budgeting

    How to Help Clients Plan for a Special Needs Child

    A special needs child demands extra diligence in planning. Here's a guide to best practices.

You May Also Like

Hot Definitions
  1. Nuncupative Will

    A verbal will that must have two witnesses and can only deal with the distribution of personal property. A nuncupative will ...
  2. OsMA

    An abbreviation for Oscillator - Moving Average. OsMA is used in technical analysis to represent the variance between an ...
  3. Investopedia

    One of the best-known sources of financial information on the internet. Investopedia is a resource for investors, consumers ...
  4. Unfair Claims Practice

    The improper avoidance of a claim by an insurer or an attempt to reduce the size of the claim. By engaging in unfair claims ...
  5. Killer Bees

    An individual or firm that helps a company fend off a takeover attempt. A killer bee uses defensive strategies to keep an ...
  6. Sin Tax

    A state-sponsored tax that is added to products or services that are seen as vices, such as alcohol, tobacco and gambling. ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!