A matrimonial home or any other real property can be owned jointly or as tenants in common. An important feature of a jointly owned property is the right of survivorship.
A property that is owned jointly with a right of survivorship passes to the surviving owner upon the death of the other joint owner. This is an estate planning consideration and carries advantages in some respects but upon separation in particular, although not exclusively, an owner may not intend or want his or her interest to pass to the surviving owner in the event of death.
This can be avoided by severing the joint tenancy on the property which will not change ownership but will avoid ownership passing to the surviving owner(s) in the event of death.
Do you have questions or concerns regarding your matrimonial home or property? Reach out to us, and let’s discuss how we can help.
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