This information is only a guide. Consult with an attorney for legal advice.
|Tenancy in Common||Community Property||Community Property with Right of Survivorship||Joint Tenancy||Partnership|
|Parties||Any number of persons and / or corporations and / or partnerships.||Husband and wife only.||Husband and wife only.||Unlimited number of persons. Can be husband and wife alone or with others. No corporations or partnerships.||Any number of persons and / or corporations and partnerships with a minimum of two.|
|Division of Interest||Ownership can be divided into any number of interests equal or unequal.||Ownership and management of property is equal.||Ownership and management of property is equal.||Ownership and management of property is equal. Interests are equal and undivided. Each person controls their own interest.||Each partner’s share is personal property in partnership entity.|
|Title||Each co-owner has a separate legal title to his / her undivided interest.||Title is in the “community.” Each interest is separate but management is unified.||Title is in the “common unity” subject to survivorship rights.||Ownership is joint. Sale by one severs tenancy as to others.||Title is in partnership entity.|
|Possession||Equal right of possession.||Both co-owners have equal management and control.||Both co-owners have equal management and control.||Equal right of possession.||Equal right of possession, but only for partnership purposes.|
|Conveyance||Each co-owner’s interest may be conveyed separately by its owner.||Personal property (except “necessaries”) may be conveyed for valuable consideration without consent of other spouse; real property requires written consent of both spouses.||Requires both spouses for valid conveyance except for security for attorneys fees. The estate may be severed as in joint tenancy by one spouse conveying to himself / herself.||Conveyance by one owner severs the joint tenancy but only as to that owner’s interest.||Any authorized partner may convey whole partnership property for partnership purposes.|
|Successor’s Status||Successor will become a tenant in common with the other co-owners in the property.||If passing by will, tenancy in common between devisee and survivor results.||Last survivor owns the property.||Successor will become a tenant in common with the other co-owners in the property. Other owners may remain joint tenants.||Heirs or devisee have rights in partnership interest but not specific property.|
|Effect of Death||Each owner’s interest is transferable by will, or passes by succession under probate statues. No right of survivorship exists.||On the death of the first spouse, half interest belongs to the surviving spouse. Other half interest is transferable by will, or passes by succession under probate statutes.||On the death of the first spouse the undivided half interest passes to the surviving spouse, the same as joint tenancy. No separate interest is transferable by will.||Upon a co-owner’s death, his / her interest ends and cannot be willed. Survivor(s) owns the property by right of survivorship.||Partner’s share in partnership is transferable by will or passes by succession under probate statues. May cause a dissolution of partnership depending on terms of partnership agreement.|
|Successor’s Status||Heirs become tenants in common with other owners.||If first spouse’s interest is transferred by will or passes by succession, remaining spouse holds title as tenants in common.||Due to survivorship rights, the surviving spouse owns 100% interest.||Unless joint tenancy is broken, last surviving joint tenant owns entire property, which is now transferable by will.||Heirs have right in partnership interest.|
|Creditor’s Rights||Each owner’s interest is subject to execution sale. Buyer at sale becomes tenant in common with other owners.||Property of the community is liable for debts of either spouse made before or during marriage. Entire property may be sold at execution sale to satisfy debts of either spouse.||Property of the community is liable for debts of either spouse made before or during marriage. Entire property may be sold at execution sale to satisfy debts of either spouse.||Each owner’s interest is subject to execution sale to satisfy debts. Joint tenancy is broken. Buyer at sale becomes tenant in common with other owners.||Partner’s interest cannot be seized or sold separately by his / her personal creditor but his / her share of profits may be obtained by a personal creditor. Whole property may be sold on execution sale to satisfy partnership creditor.|
Please call us about holding title in corporations, limited partnerships, limited liability companies, or any other way. This matrix is a guide only and is not legal advice.