What,Does,Joint,Ownership,Mean law What Does Joint Ownership Mean For You?
When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a
Simply put joint ownership is two people owning the same things. It canbe a home, land or anything else for that matter. If two people can ownit then you can have joint ownership of it. Most cases of jointownership is between married couples. In the event of the spouses deathhaving joint ownership can make things much easier for living spouse.You could find yourself fighting to keep your home if you do not havejoint ownership of it.When your spouse dies it is necessary to restrict the finances as soonas possible. When you are tied up with probate that might be hard todo. When you jointly own your home it will be immediately transferredto you along with your assets. Most states do not consider your homeadditional property when your spouse dies and you jointly own theproperty. This means that no taxes are added or assessed for theownership of the home.Dividing the assets in a divorce is much easier if the couple has jointownership. When something is jointly owned it is split equally in adivorce. One person may choose to sell there portion of the assets tothe ex spouse. You can not contest rights very easily with jointownership.Other people can jointly own things it is not solely for couples whoare married. Sometimes a parent and a child have joint ownership ofproperty. If the child has financial stability and is the only childthis is a pretty good idea. When a parent and child jointly ownproperty the child does not get stuck in probate when the parent dies.Most financial advisers warn against doing this though.A parent and child that jointly own a home or property together maystill have some problems. When there are multiple children the parentssometimes want the home sold immediately and all the money splitbetween the children equally. If the child that has become the soleowner of the home refuses to do this the other children would getnothing.The home is legally the child's property and became the ownerimmediately upon death of the parent. This is a bad situation that cancause a lot of hard feelings between family members. If the child doesnot wish to follow the instructions of the parent then legally theother children have to just live with that decision. A parent couldface more problems than that though. If the child is having some typeof financial trouble like bankruptcy or unpaid back taxes the parentcould possibly lose the home to debt collectors.When two people have joint ownership of a business is it a very goodidea to get extensive documents drawn up and signed saying what shouldand should not be done by each owner. Having these documents willensure the safety of the business as well as both owners. You shouldhave these documents as soon as the ownership papers are signed.Sharing joint ownership can be a very good thing or a very bad thing.Be careful who you decide to jointly own something with, you could endup with nothing. You also could be doing your family a huge favor byjointly owning your property with one of them. Article Tags: Have Joint Ownership, Joint Ownership, Have Joint
What,Does,Joint,Ownership,Mean