Assets purchased prior to the marriage or after a legal separation are considered to be separate property. Limited liability companies have come of age over the past two decades. There are a ton of title options to look through as a married couple. Choosing the Best Option to Hold Title as a Married Couple. Historically, married couples take title as “tenants by the entirety” which affords a great amount of protection to the couple with regard to the property. These warnings should be heeded. Why do Title Deeds in Florida recite the marital status of the grantor, or contain a statement that the property does not constitute the homestead of the Grantor?. The higher the appreciation value of the property, it may serve the married couples more to do the community property. Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin have community property laws that consider everything a couple purchases after marriage to be equally owned by the spouses. However, it is just as important, if not more so, to title your assets properly! If you own a parcel of rental property, you should consider a separate limited liability company (or perhaps an S corporation) to hold title to that parcel. If the DMV can not/will not accomodate that request, ensure that the title is made out "X and Y" instead of "X or Y" "X and Y" is an asset protection method for vehicles dless of whether they are married. Joint tenants with right of survivorship: This is how most married couples hold title, because it seems fair, it’s easy and it’s free. The following provides a brief introduction to each: Sole Ownership of Residential Real Estate Title Issues Raised By Marital Status. Only a legally married couple may hold a property title under tenancy by the entirety. Moreover, this form of property ownership is only available in certain states. In Florida, the most common ways in which to hold title to residential real property are Sole Ownership, Tenants in Common, Joint Tenancy with right of survivorship and Tenancy by the Entireties. • both of you hold title as “tenants in common.” One Person’s Name: Sole Owner If a recorded deed contains only one name, that person is the legal owner and has full legal power to sell or will away the house or other real property, even if someone else has contributed to its purchase and holds a nonrecorded interest. As with joint tenancy with right of survivorship, each of the married partners has full right to the property should the other one die. Florida allows joint ownership of a property by a married couple, called tenancy by the entirety. This type of ownership affects how creditors can demand sale of the property due to unpaid debts by a person involved and requires permission by the other owner to sell interest in the property title. Consider listing owners as tenants in entirety on the title, if the individuals involved are a married couple only. For instance, when a married couple owns property this way, there is a right of survivorship and the property is protected against the creditors of one of them. However, it is about weighing your specific estate’s cost and deciding from there. Married couples might also hold title in Joint Tenancy. An undivided interest is an ownership right to use and possess the entire property. Parents and their adult children also often hold title this way, as do unmarried couples. In a joint tenancy the couple will hold title to their real estate jointly with equal undivided interests and withrights of survivorship. Under tenancy by the entirety, neither spouse has the ability to transfer their interest or encumber the title of the property without the consent of the other spouse. Indeed, when one owner dies, full ownership does transfer automatically to … In this type of ownership, an owner cannot make a decision about the property without the other’s consent. When title is vested in a married same-sex couple, judgments against one spouse should be treated as having attached (instead of relying on a tenancy by the entirety). If possible, have the car title reflect that the title is held as "X and Y, Husband and Wife", as well as the vehicle registration.
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