Tenants in Common and Joint Tenants are two prevalent means of co-ownership when it comes to property ownership, whether by inheritance or purchase. Each approach is distinct and can have major practical repercussions, particularly in the context of Family Law Separations
In this podcast Dannielle Young will explore the key difference between these two forms of Property Ownerships and their consequences:
Tenants in Common:
- Ownership Shares
- Separate Interest
- Survivorship
Joint Tenants:
- Equal Ownership
- Right of Survivorship
Dannielle Young will also go through some of the key practical implications to consider both at the time of purchase and following a separation.
- Distribution of Property
- Asset Purchase
- Estate Planning
- Changing Tenancy
By the end of the podcast, you will have the understanding between tenants in common and joint tenants that can significantly impact the outcome of property distribution during a Family Law separation. It is essential to consult with a legal and financial professional to make an informed decision that aligns with your personal circumstances and goals.
Understanding these ownerships’ structure and their implications can help ensure a fair and equitable resolution during a challenging time of Family Law separation and can also help to protect your assets (together with a financial agreement) as parties enter a new relationship.
Want to know more? Tune in and listen to our Senior Associate Dannielle Young and how she takes you through a journey to discuss the nuance of ownership structure unveiled demystifying the key characteristics that set Tenants in Common apart for the Joint Tenantsin the Divorce Collective Podcast.
Did you know at Collective Family Law Group, we offer FREE initial consultations. We offer initial face-to-face appointments in our Gold Coast, Brisbane and Cleveland offices or via zoom. Head on over to our website collectivefamilylaw.com.au or call us on (07) 5574 0971 to book your appointment.
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