Real Property In Dissolution
Methods of Owning Property With Another Person in Colorado
Dissolution often involves the sale or transfer of the marital home. There are two different ways in Colorado for more than one person to own real property; joint tenancy and tenancy in common. The type of ownership is important because it governs how one person can transfer his or her right to the property and what happens if an owner dies. Type of property ownership is often relevant in dissolution, AKA divorce.Tenancy in Common
If no other form of ownership is specified, tenancy in common is the presumed type of ownership. In tenancy in common, each co-owner has an interest in the property. The interest can be transferred by sale, gift, or will. Also, each co-owner has the right to mortgage, sell, or transfer his own interest in the property without the consent of the other owners. There can be any number of tenants in common and each can have different percentage interests in the property. If a co-owner dies, his or her interest will pass as specified in the will. If there is no will, that owner’s interest will pass as statute dictates.Joint Tenancy
For joint tenancy, the property deed must specify joint tenancy ownership. The deed can specify “as joint tenants with right of survivorship” or “in joint tenancy with right of survivorship”. There can be more than two joint tenants. Joint tenancy is the most common form of real property ownership for married parties. Joint tenants may have unequal interests in the property.
Should a joint tenant die, the remaining joint tenants will own the whole property outside of probate and no new deed is necessary. However, a death certificate and affidavit must be recorded where the property is located. The remaining joint tenants receive the property interest of the deceased joint tenant, but they are not responsible for paying any liens attached to the property interest of the deceased tenant.
If a joint tenant in a two-person tenancy conveys his interest to a third party, the joint tenancy no longer exists. The remaining owner and the new owner will hold the property as tenants in common. However, conveyance is different when the joint tenancy is held by more than two people. When property is held in joint tenancy by more than two people, if one conveys his or her interest to another, only the grantor’s interest is eliminated. The remaining joint tenants continue to hold property in joint tenancy, and the new owner holds his interest as a tenant in common with the joint tenants.How Can an Attorney Help?
An attorney can guide you through Colorado Springs dissolution-related real property matters by handling pleading and motion preparation and filing, negotiation, mediation, and court proceedings from start to finish. This allows you to focus on moving forward to a better future rather than on trying to figure out how the overly complex court system works.Turning Change Into Opportunity in Colorado Springs
Colorado Springs Divorce and family law matters are difficult to navigate alone. The court system is more complex than it should be. Remember that change often creates new opportunity and a better future. Janko Family Law, DBA Janko Family Law can help ensure that your best interests are protected. Contact us at 719-344-5523 or complete our online form to set up a free thirty-minute informational consultation.