Concurrent Estates and Marital Estates

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Presentation transcript:

Concurrent Estates and Marital Estates

Types of Concurrent Estates Joint tenancy with right of survivorship Tenancy in common Tenancy by the partnership

Joint Tenancies-The Four Unities Test Unity of time Unity of title Unity of interest Unity of possession

Joint Tenancies-Words to Create Joint tenants Joint tenants with right of survivorship Joint tenants with right of survivorship and not as tenants in common

Critical Difference between Joint Tenancy and Tenancy in Common The right of survivorship

Problems O conveys Blackacre to A and B, as joint tenants O conveys Blackacre to A and B, as co-tenants O conveys Blackacre to A and B O conveys Blackacre to A, B and C as joint tenants with right of survivorship A conveys to D B later dies State the title

Rights of Co-tenants Possession Accounting Partition Rents Repairs May occupy rent free-Cummings v. Anderson Presumption of equal ownership but rebutted by evidence of differing contributions-Cummings v. Anderson Accounting Partition Rents Must account for rents received from others Repairs Obligation of party in possession Improvements Taxes

Severance Conveyances Leases Mortgages Divorce Severs joint tenancy Execution of contract to sell realty severs joint tenancy but contra authority Leases Lease severs joint tenancy Lease does not sever joint tenancy Lease severs joint tenancy only if leasing joint tenant dies during the term of the lease Mortgages Lien theory Title theory Divorce Severs joint tenancy (disagreement)

Joint tenancy Bank Accounts Gift theory Contract theory

Marital Estates Dower 1/3 of all real property for life of which husband seised during marriage in fee simple or fee tail capable of inheritance by issue of the marriage Curtesy Life estate in all legal and equitable estates in real property of Statutory versions Husbands and wives treated alike Typically 1/3 but can be 1/2 Attaches to real and personal property

Tenancy by the Entirety Four unities Fifth unity Rights of creditors Rights to sever Divorce severs Effect of Married Women’s Property Acts

Community Property California, Nevada, New Mexico, Arizona, Washington, Idaho, Texas and Louisiana Wisconsin Nature of Separate vs. Community

Is Your Degree and Asset Subject to Equitable Division at Divorce

Property Rights of Co-habitants