Simultaneous Ownership

• Tenancy in Common

• Joint Tenancy

• Tenancy by the Entireties

• Community Property

Unities

• Time - all took at the same time.

• Title - all took by the same instrument.

• Interest - each took an identical share

• Possession - each had an undivided and equal right to possess the whole.

• Person - treated as one person (married).

Tenancy in Common

• X to Y & Z as tenants in common– unities

– estate of inheritance

– creditors

– sale / gift

• X & Y (T / C), Y to Z, X & Z (T / C)

Joint Tenants w/Right of Survivorship

• X to Y & Z (JTROS)

• unities

• not an estate of inheritance

• partition / severance

• creditors

• divorce

• bank accounts

Mom’s Estate

• Acct’s & CDs (JTROS/X) $250,000

• Condominium 150,000

• Taxes and expenses (31,000)

• Will says taxes and expenses from residuary then equal shares

Y $ 0 39,667$ 39,667

v.$123,000

X $250,000 39,666$289,666

v.$123,000

Z $ 0 39,667$ 39,667

v.$123,000

Tenancy by the Entireties

• X to H & W as tenants by the entireties– unities

– presumption v. practice

– creditors

– partition / severance

– divorce

Community Property

• Spanish civil law v. English common law

• efforts of either spouse belong to the community

• separate property

• increase in value of separate property

• mobility

Marital Property

• Definition– Excluded by valid agreement

• Equitable division

• Alimony

• Child support

Pre-nuptial Agreements

• Necessity of counsel

• Full and fair disclosure

• Reasonable provision for dependent spouse

• Modification of Divorce Code

• Modification of PEF Code– elective share; dower and curtesy

• Sunset