(2) All property acquired by the person after marriage by gift, bequest, devise, or descent. Each form must be signed by two witnesses. " The main advantage of holding property as joint tenants is that it allows property to pass automatically to the survivor when the other owner dies. 12. It is only available in nine states currently: Arizona, California, Idaho, Louisiana,Nevada, New Mexico, Texas, Washington, and Wisconsin. Joint tenancy deeds offer automatic rights of survivorship. There are many reasons why it may be a very bad idea to transfer property into, or to own property in, joint tenancy: Prescott AZ lawyers. If all the marital property is owned as joint tenants, then at the time of the first spouse’s death, nothing needs to happen to transfer property. Arizona property law has several notable rules: State the grantor’s and grantee’s full name on the gift deed, along with their. State probate law determines whether property passes without probate. Posted on May 3, 2014. Tenancy in common distributes the. §33-405) transfer property upon death. An alternative is transferring the property to your. To search over specific document types, uncheck "Search All Types" and select the document types from the list. When he died, the home was worth $400,000. The grantees are two named people: you and your spouse. Trusts can be both single and joint. App. It’s also things like a bank account, pension, 401k, or stocks. S. SEPARATE PROPERTY. Joint tenancy is appropriate only when each joint tenant (in theory, there can be any number) owns the same percentage of the property. • each tenant holds an undivided interest. A Joint Tenancy with Right of Survivorship is a document (usually in the form of a deed) wherein two individuals (often husband and wife) own equal and undivided interests in a piece of property. Robert Fleming September 18, 2022 Print Article Arizona is one of the minority of states recognizing the concept of community property. It contains the names of the current owner (the grantor) and the new owner (the grantee), the legal description of the property, and is signed by the grantor. The other children are. That will depend on whether your state's community property laws have carved. In general, Arizona allows multiple individuals to hold title in one of three ways: tenancy in common, joint tenancy, and community property (§ 33-431). Thethe right of survivorship in the surviving joint tenant(s). Type text, add images, blackout confidential details, add comments, highlights and more. Please consult one of our attorneys for detailed information on each category. Your home is equally shared between you, fifty-fifty — no matter how it’s titled. Estate in Severalty – property is owned by one owner. A Spouse Only Owns 50% of Joint Tenancy Property. a. §33-405) transfer property upon death. This new status can be created without the need for a "straw person," which is required with Joint Tenancy deeds with rights of survivorship, and it can be terminated by the recording of an affidavit. Joint Tenancy. All property acquired during the marriage will be divided equally between both parties; it is known as community property in this state and applies to all types of possessions (both tangible and intangible), real estate, income, or debts that exist at the time of divorce. The three right of survivorship deeds are: joint tenancy, tenancy by the entirety, and community property. If you are a co-owner or a joint tenant of property owned as a joint tenancy, that property automatically passes at your death to the remaining joint tenants without the expense and delay of probate. In a joint tenancy, two or more people own property together, each with equal rights and responsibilities. Tenancy In Common (TIC) With tenancy in common (TIC), two or more persons hold title to real estate jointly, with equal or unequal percentages of ownership. A boat, owned and registered in your name, which you bought during your marriage with your income. ership of a part explains how each joint tenant has a presently alienable in-terest. 92 million per individual as of 2023. 37, 38, 155 N. . Under certain circumstances, separate property “transmutes” into community property. Different forms of holding title among multiple owners have differing legal ramifications, especially upon the death of one or more of the co-owners. 3d 1198. The separate property of each spouse is distributed to the spouse who owns it and is not divided according to the 50/50. There are three common forms of home ownership. 12 for couples) in 2022. Streng 13 Community Property. Upon an owner's death, that owner's. Monday through FridayWith a joint tenancy with a right of survivorship, by law, the interest of the deceased partner is simply extinguished, so the surviving partner will own the entire property. • A gift of lands to two or more persons in joint tenancy is such a gift as imparts to them, with respect to all other persons than themselves, the properties of one single owner. Joint Tenancy: a form of co-ownership where property is owned by two or more persons at the same time in equal shares. When two or more people own property as. However, like a single living trust, other beneficiaries can be designated as well. if you have no issue when you die but have surviving parents. If the deed names the spouses as joint tenants with the right of survivorship, they own their property in equal shares. This is a form of vesting title to property owned together by spouses or by registered domestic partners. When one spouse is a not a U. On the death of the tenant in common the deceased persons ownership in the property is left to his or her heirs or as specified by Will. Separate property. This includes real property. )The property deed and state law determine the legal nature of homeownership. citizen, then a gift tax return must be filed if the total value. Alice sells her ownership interest to Sam. R. A deed that conveys an interest in real property, including any debt secured by a lien on real property, to a grantee beneficiary designated by the owner and that expressly states that the deed is effective on the death of the owner transfers the interest to the designated grantee beneficiary effective on the. 2d 492 (1969). For example, if you bought vacant land for $200,000 and. Additionally, joint tenancy guarantees equal rights and ownership for all parties. the other hand, the essence of a joint tenancy was the existence of. The male co-owner later obtained a second mortgage for $100,000 in his name alone. Sole And Separate Property In New Mexico, property can be owned as separate property, community property, in joint tenancy, or as tenancy in common. Joint Tenancy can negatively impact your estate planning. Unity of title - all. Sometimes it is desirable to add someone to the title of a house you own. A married couple may hold real or personal property as joint tenants, tenants in common, or as community property. 50/50 Community Property Division. Son argued that, under the language of Arizona law, his father and Mrs. Deeds are provided for individuals, corporations, Limited Liability Companies and husband and wife. 2018) WL1755415, an unmarried couple purchased a residential property and held title as joint tenants for approximately thirty years. In general, Arizona allows multiple individuals to hold title in one of three ways: tenancy in common, joint tenancy, and community property (§ 33-431). If this instrument establishes the real estate as one spouse’s separate property, such as a. Warranty Deed to Separate Property of one Spouse to both as Joint Tenants: In this type of deed, the separate property of one spouse is transferred to both spouses as joint tenants. Interest: Each person owns the same amount of the real estate. Separate property A. 18 (joint tenancy by donee). Can one spouse decide to reconvert the joint property to community property without the other spouse’s. - from Nolo dictionary of legal terms, separate property ; ↑ Although joint ownership allows a. When a joint tenant dies, title to the property is auto-matically conveyed by operation of law to the surviving joint tenant(s). A husband’s after-the-fact testimony that he never intended a gift is insufficient and not clear and convincing evidence. Joint tenants with right of survivorship is a legal status that determines how property is transferred after one homeowner dies. However, a couple can formally agree to hold real property as joint tenants. Edward is disabled and has two adult daughters, Gwen and Stacy. Upon the death of one owner, title automatically goes to the surviving joint owner or owners. c. These deeds filed at the Recorder’s Office in the county where the property is located • Joint-tenancy deeds (A. Establishing separate property of a spouse. R. It is commonly used to ensure that surviving parties can keep the property if they are a joint owner and the other owner becomes deceased. A property owner can record a deed retitling Wyoming real estate in the name of the owner and another person to create a joint. That means, even if you contributed more to the property than your housing partner. Use of word "joint" or "jointly" in provision of deed other than the granting or habendum clause as indicating intent to create a joint tenancy rather than one in common between the grantees, 157 A. Ownership stake is jointly shared between the two individuals, whether they’re spouses, partners or even roommates. Arizona adopted a new form of title called. By the deed’s explicit declaration, no consideration is necessary or expected. Separate ranges with a colon. These are the ways to take title in Arizona: Community Property, Community Property With Right Of Survivorship, Joint Tenancy With Right Of Survivorship, Tenancy In Common, Trust (With A Trustee), Sole And Separate Property, Corporation, General Partnership. The building would have to be sold upon Bob's death. Buying a home is always a commitment with risks, but joint tenancy allows both parties to share the benefits of home ownership. 00 equity that remains, $100,000. Tempe Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy Obtain a form and reuse it as many times as you need, or use US Legal Forms integrations with. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. In Arizona, deeds of trust are creatures of statute. C. A joint tenancy can only be created by intention or by will, not by implication or operation of law. 37 (Bankr. To the extent that either one of you pays more than half of the cost of the joint tenancy property costs each year, including both mortgage interest and property taxes (less a $14,000 annual allowance amount, as explained in my original answer), then under the estate and gift tax rules, a "deemed gift" is considered to have been made . In those cases where a deed or other recorded documents are filed, the deeds and certain other recorded documents must be. joint tenancy, and. In 2013 in Pennsylvania, for example. B and A each hold a 50% interest. There are definite limits on the effectiveness of joint ownership as a probate-avoidance strategy. An equitable division of marital property is not always an equal division. Convey Real Property Using Deeds • See A. Therefore, joint tenancy property is not subject to disposition by will. The probate-avoidance part of joint tenancy works only at the death of the first co-owner. Arizona does not levy a state gift tax, but gifts of real property are still subject to the federal gift tax. Property law in Arizona falls under ARS Title 33 of the Arizona Revised Statutes, and joint tenancy with the right of survivorship is under ARS Title 33-431 of the same Statutes. Joint Owned Property: Any property held in the name of two or more parties. These deeds filed. Disposition. However, the difference between joint tenancy with right of survivorship and community property with right of survivorship is that the joint. (1) Joint tenancy interests held in the names of both spouses or both domestic partners, whether or not in conjunction with others, are presumed to be their community property, the same as other property held in the name of both spouses or both domestic partners. Tenants in Common – This is how two or more people (co-tenants) may take title to property who intent their share in the property to be separate from the other on death. 820). A life estate deed is not the only way to transfer property at death. The home is now worth $300,000. Thus, you and your partner can each own 50% of the house, or three people can each own one-third. An ‘Affidavit-Death of Joint Tenant,’ executed by plaintiff and appended as an exhibit to plaintiff’s third amended complaint, indicates that the property was acquired by a joint tenancy deed ‘executed by Jettie N. As of July 20, 1996, the Arizona legislature effectively abolished the requirement of the “straw deed” and the necessity of joint tenants to all take their interest at the same time. Joint tenancy with right of survivorship provides another way of holding title to real estate that allows title to pass between joint owners outside probate. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. Community Property With A Right Of Survivorship. App. Gather all necessary information: You will need the names and addresses of all joint tenants, as well as a legal description of the property. With a gift transfer well in excess of the annual exclusion ($13,000 in 2009, or $26,000 if the gift is split with the donor’s spouse), a federal gift tax return. A quit claim deed transfers your property interest to another person or legal entity. In a dissolution of marriage, the court can’t order a substantially unequal division of property held in joint tenancy for the purpose of reimbursing the spouse who used separate funds to acquire property. 4th 1068. a single estate in the unit, not separate interests in the individual. Community property is a method of co-ownership for married persons only. Step-Up In Basis Rules For Jointly Held Property Of Married Couples In Separate Property States. For example, if Veronica’s father leaves her $25,000 in his will, that $25,000 is Veronica’s separate property, even if she acquired it during her marriage to Phil. Size of Probate Homestead. The two parties could be a husband and wife, business partners or any other combination of people who have a reason to. Arizona offers two ways to accomplish this: a quit claim deed or a warranty deed. In Florida, tenants by entireties means both spouses own an undivided interest in 100% of the property. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. Under a Joint Tenancy the co-owners are effectively the full owners and own equal undivided shares in the property. How you can complete the Quick claim deed with right of survivorship form on the web: To get started on the blank, utilize the Fill camp; Sign Online button or tick the preview image of the form. A deed of gift. 2018) WL1755415, an unmarried couple purchased a residential property and held title as joint tenants for approximately thirty years. R. PROPERTY RIGHTS AND LIABILITIES. S. Tenancy in common: property is owned by two or more owners. m. Tenants in common, like joint tenants, share the right to possess, sell, and encumber the property. Surprise Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy A professional template by US Legal Forms will assist you to spend less time and costs, and stress. It also includes any property that is traceable to separate property, and any property that the spouses agree is separate property. 3. Separate property A. In contrast to a joint tenancy, tenants-in-common own the same property in definite and separate shares. We explain each of these deed types in detail below. Arizona courts presume a gift when a spouse places separate real property in joint tenancy with the other spouse. When a property is held in joint tenancy, it means that two or more people own it equally. The fundamental requirements of a North Dakota joint tenancy interest is that two or more persons who are properly identified as North Dakota joint tenants, hold title to real property as though they were a single person. Each joint tenant may occupy the entire property subject only to the rights of the other joint tenants. Most importantly, a joint tenancy creates a “right of survivorship,” which means that when one owner dies, his or her interest passes to the. Separate multiple values with a space. No severance of a joint tenancy pursuant to subdivision one of this section shall terminate the right of survivorship of any non-severing joint tenant or tenants as to the severing tenant's interest unless the deed or written instrument effecting the severance is recorded, prior to the death of the severing tenant, in the county where the real property. You will also need to include the legal description of your property. 2004) defines dower as “a wife’s right, upon her husband’s death, to a life estate in one-third of the land that he owned. The Arizona Court of Appeals in the In re the Matter of Flowers case held that although a sole and separate home was turned into community property during the marriage, a trial court may have the authority to award 100% of that home to the spouse who originally owned it as sole and separate property if it is equitable to do so. Joint tenancy is a form of concurrent ownership – i. A spouse's real and personal property that is owned by that spouse before marriage and that is acquired by that spouse during the marriage by gift, devise. Learn why you should terminate them with experienced estate planning attorneys. In many cases, this is a very bad idea. Five years ago, when his wife died, Edward became the sole owner of a home and three rental properties that the couple had owned in joint tenancy. Property is anything you can buy or sell or has value. One joint tenant can partition the property by selling his or her joint interest. Arizona married homeowners should take advantage of this newer law. g. This refers to the transfer of real property as a gift. The creation of a joint tenancy has important legal consequences. 2. 3. For example, a person who retitles real property by adding a joint owner as joint tenants with rights of survivorship has made a gift. Tully Follow this and additional works at:. Which one of the following statements regarding different forms of property co-ownership is CORRECT? A) Joint tenancy with right of survivorship (JTWROS), tenancy by the entirety (TBE), and community property (CP) are all forms of co-ownership that can be used by a husband and wife. If a condition applies to one owner but not to the other, there is no unity of title; 3) Each owner must have an. Learn why you should terminate them with experienced. Couples and business partners can take title to each other's bank accounts. Note: If a married person enters into a joint. Upon death of one of the spouses, the deceased spouse’s. See N. A spouse's real and personal property that is owned by that spouse before marriage and that is acquired by that spouse during the marriage by gift, devise or descent, and the increase, rents, issues and profits of that property, is the separate property of that spouse. Comparison to Other Deed Forms. Joint tenancy often works well when couples (married or not) acquire real estate, vehicles, bank accounts, securities, or other valuable property together. S. Possession: Each owner has the same exact right of possession. — If a party alleging that property held in joint tenancy was meant to be separate, to prevail there must be either a clear designation of that intent, or enough evidence to overcome the presumption of community property. In Raptes v. 1945 secs. b. Placement of Properties into Joint Tenancy by Husband Constituted a Gift of Separate Property Spouse Gifting Property Through Joint Tenancy is Not Entitled to Reimbursement Judge May Not Unequally Divide Joint Tenancy Property That Results from a Gift of Separate Property in Arizona Impact of Joint Tenancy Deeds on Community Property in Arizona separate property contributions when dividing community property in arizona; property held as joint tenants with rights of survivorship in an arizona divorce; dividing retirement accounts in an arizona divorce; arizona divorce debt; effect of placing community property into a family trust in arizona; community property lottery winnings in. Under §1014(b)(6) the tax basis of the entire property is stepped-up (or down). Consequently, Jane’s reasons for placing the property in joint tenancy were the result of misinformation. Say one spouse inherited a house from their parents, and rent out the dwelling. Two. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. 12 However, it is possible for a husband and wife to own real or personal property as tenants in common. Pappas, 259 Mass. Estate of Lee v. Joint tenancy with rights of survivorship gives everyone equal ownership rights that automatically pass on to survivors in the event of an owner’s death. 4th725) The. A TOD deed may still make sense if both parties are willing to list the same person on the deed as their beneficiary. A tenancy by the entirety is a form of joint ownership that protects property from creditors of either spouse. R&T 11911” OR “It is the Property acquired during the relationship, but before the legal marriage, remains a separate asset. Upon the death of the parent, the property passes to the surviving joint tenant. Purchasing real estate together is a big step that shows commitment to one another. I f the properties are community, then the entirety of the Braces ’ interests in the properties becomes part of husband’s bankruptcy estate. Even when one party contributes the entire subject matter, the rights of each are the same. If two or more people share rights to the property, things get a little bit more complicated. These benefits have not previously been combined. SUBTITLE B. transmuted into separate property. If real property is owned as joint tenants with the right of survivorship or as community. Dower and joint/survivorship tenancy are two issues with the potential to complicate transfers on death. Married couples have a special way to own property jointly in some states, which has advantages over regular joint ownership. 2. Monahan responds that any defect was cured when Mr. A. If you co-own real estate as joint tenants with right of survivorship, when one co-owner dies, that co-owner's share of the property will automatically go to the surviving co-owner(s). Adding a child as a joint tenant on your property also exposes them to otherwise avoidable capital gains taxes. L. R. Recording – All deeds must be filed with the County Recorder’s Office [2]. When you add your spouse to the deed, however, the spousal basis is still what you paid for the property. Community Property. This is a flexible vesting option. The advantage of joint tenancy is that upon death of one of the joint tenants, their interest is transferred outside probate to the surviving joint tenant(s). You may unintentionally create a taxable profit for your heir. The common law system provides that property acquired by one member of a married couple is owned completely and solely by that person. The co-owners, or co-tenants, are commonly categorized as either joint tenants or tenants in common. It’s also critical for all of your tenants in common to agree to the sale overall. Joint Tenancy: A type of property right where two or more people own or rent a property together, each with equal rights and obligations, until one owner dies. Probate isn't required – the deed itself transfers the deceased spouse's ownership interest. M. In the case of real property owned as joint tenants with right of survivorship, the right of survivorship is extinguished as provided in § 14-2804 or on the recordation in the office of the recorder of the county or counties where the real property is located an affidavit entitled “affidavit terminating right of survivorship” executed by. Gift. No lawsuit is usually required. The key difference is that tenants in common does not include the right of survivorship. 33-405. In Armer v. In addition to physical possessions like houses and cars. Marital property includes: Real property you and your spouse bought during the marriage, except for any contributions of your separate property you may have made to such property, like paying part or all of the down payment with separate property funds; Personal property, like cars, boats, airplanes, furniture, and artwork you and your. B1. Title must have been acquired at the same time, by the same conveyance, and the document must expressly declare the intention to create a joint tenancy estate. R. Joint tenancy is a property law concept that allows numerous people to possess and own property jointly. Navarre (1946) 64 Ariz. Sporty and studious, caring and loyal, John is a father of two wonderful children (and Cooper the dog). the portion of certain personal injury awards meant to compensate for. Under common law, joint tenancy with a right of survivorship requires that the ownership interests are: Held by all of the joint tenants. Arizona law specifies that a trust deed on community property is not valid unless both spouses execute and acknowledge it. After completing and executing the Arizona real estate deed, the next step is recording. 546 (2005). 2d 818 (1970), the Arizona Supreme Court considered several quitclaim deeds a spouse signed. Furthermore, each co-owner may control an equal or different percentage of the total property. A spouse who signs a disclaimer deed on property that would otherwise be community property, forfeits their interest in that property in an Arizona divorce. Gift deeds in Arizona are exempt from two requirements associated with other title transfers: the real estate transfer fee and the affidavit of property/legal value (A. A gift deed, or deed of gift, is a legal document voluntarily transferring title to real property from one party (the grantor or donor) to another (the grantee or donee), typically between family members or. A Spouse Only Owns 50% of Joint Tenancy Property. App. 84 million without paying any federal estate or gift tax. Simply put, if you are unmarried, everything that you own is separate property, according to Arizona inheritance laws. Property acquired during the relationship, but before the legal marriage, remains a separate asset. Egizii, (Ariz. Inheritance Law in Community Property States. However, there are contrary arguments that can be made, including fraud or mistake, or the fact that the community paid the mortgage and other expenses associated with the home. With these. We hold that under this rule, joint tenancy titling of property acquired by spouses using community funds on or after 2 In re BRACE Opinion of the Court by Liu, J. In a joint tenancy, two or more persons, known as the co-owners, own property together. The definition of marital property applies to assets earned, purchased or acquired in just about any way other than a unilateral transfer. Joint tenant situations also create potential problems involving the use of a beneficiary deed. Surprise Arizona Warranty Deed for Husband and Wife to Five Individuals as Joint Tenants A professionally-drafted document by US Legal Forms can help you spend less time and costs, and stress. 10To inherit under Arizona's intestate succession statutes, a person must outlive you by 120 hours. L. 12 In F. The advantage of joint tenancy is that upon death of one of the joint tenants, their interest is transferred outside probate to the surviving joint tenant(s). 02. Utilize the upper and left panel tools to edit Joint Tenancy to Tenancy in Common Deed - Arizona. The male co-owner later obtained a second mortgage for $100,000 in his name alone. spouse signing a quitclaim deed to the property. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. If both spouses’ names are on the title, each owns a one. Community Property in Arizona. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. So, if you and your brother are in a car accident and he dies a few hours after you do, his estate would not receive any of your property. Separate(The root of. S. Such property can be jointly owned by two or more people; meaning, all of the people involved hold title to the property. There are many other types of deeds, such as warranty deed, joint tenancy deed, easement deed, trust deed, etc. property acquired by gift or inheritance by either spouse before, during, or after the marriage. title to the property. The common law system provides that property acquired by one member of a married couple is owned completely and solely by that person. Joint tenancy is a legal definition that applies to how a property or other assets are owned. As of July 20, 1996, the Arizona legislature effectively abolished the requirement of the "straw deed" and the necessity of joint. Warranty Deeds. Unity of time - all joint tenants acquire their interest at the same time 4. The Components of a Gift Deed. Community debts that the court has ordered to be paid by the parties. Instead, the divorce serves to change the joint tenancy title to tenancy in common so the surviving ex-spouse owns half the house, and the deceased spouse's heirs. If the properties are separate, then only husband’s one-half property interest becomes part of the estate. When a joint tenant dies, title to the property is automatically conveyed by operation of law to the surviving joint tenant(s). Joint tenancy is an arrangement that allows beneficiaries to access your account without having to go to court. Section 47-02-06. As you have learned here already, tenancy in common is an arrangement where two or more people share ownership rights in a property. Real Estate is owned in one or two ways:Separate ownership, or Severalty or Concurrent ownership; In California, property is generally owned in one of 6 distinct forms of ownership: Severalty; Tenancy in Common; Joint Tenancy; Tenancy in Partnership; Community Property; and Community Property with the Right of Survivorship. Transferring or Adding Someone to the Title of a House in Arizona. If the joint tenancy was with your spouse, however, an exception applies: spouses never pay inheritance tax. On. 00 goes to the bank. As with the tenancy in common, there’s no need for a will or probate, because after one spouse dies the surviving spouse automatically takes ownership. Burden of proving separate property interests. The court may impress a lien on the separate property of either party or the marital property awarded to either party in order to secure the payment of: Any interest or equity the other party has in or to the property. FindLaw's top 10 reasons unmarried partners owning property as joint tenants is a good idea are below. This is typically between business partners, as well as married couples. Ashley later sold it for $600,000. The primary feature of joint tenancy is the right of survivor-ship, the jus accrescendi. If you are using our service the very first time, follow the instructions below to get your Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy quickly: Make. By bringing a co-owner onto the deed, you relinquish a part of that control. 33-405. By the intentional act of conveying a deed or giving the property by will or living trust. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. In the past it was required that all joint tenants share the four unities of time, title, interest and possession. Gila County Recorder Office 1400 East Ash Globe, AZ 85501 Phone (928) 425-3231 FAX (928) 425-9270 Office Hours: 8:00 a. With more wealth, lines get blurred. Schedule Your Consultation Transmuting Separate Property into Community Property in Arizona How marital property, assets, and debts, are to be divided is an issue that must. Joint Tenancy. Posted on Apr 29, 2011. Joint tenancy is sometimes called "joint tenancy with right of survivorship. Joint Tenancy is the most common type of co-ownership title. First, you and your co-tenants can agree to convert the joint tenancy into a tenancy in common. R. state-level legal distinction of a married individual's assets. Mrs. You will also need to include the grantee’s name. A gift or inheritance to a married person is separate property. The grantor is the person or persons who owns the property. When one owner dies, ownership interest automatically passes to the other tenant. Upon death, the decedent’s interest passes. Furthermore, most joint tenancy agreements include a right of survivorship. A quitclaim deed is named as such because it means that the owner is leaving behind their claim on the property. S. Transferring the property may incur transfer taxes, which must be paid at the recording.