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What about real estate property?
Most married couples hold property, specifically real estate property, in a manner known as joint tenancy. Joint tenancy means that when one joint owner passes away, the other owner(s) automatically inherit the deceased’s portion of the property without having to travel the long and costly probate process. If you are afraid you might die during the divorce process and do not want your share to automatically revert to your spouse, you can change your title status to reflect tenancy in common. Tenancy in common, like joint tenancy, provides for equal shares, however, if you die, your share will be passed to whomever you’ve designated in your will or estate planning document. However, in accordance with the laws of most states, if you die and there is no will or estate planning document, your share will pass automatically to your spouse. |
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