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Difference between revisions of "Separation and the Law"
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→Jointly owned real estate
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===Jointly owned real estate=== | ===Jointly owned real estate=== | ||
Most spouses own real estate as “joint tenants”. The essential feature of this type of ownership is that if one of you dies, then the surviving party will own the entire property. | Most spouses own real estate as “joint tenants”. The essential feature of this type of ownership is that if one of you dies, then the surviving party will own the entire property. | ||
The ''[[Family Law Act]]'' says that when you separate you and your spouse each have an interest in the other’s share of the ownership as a tenant in common, but the Land Title office does not know you have separated. How your title is registered will not automatically change as a result of your separation. | |||
There are reasons for and against keeping the ownership as joint tenants. If you do not want to risk the property becoming entirely owned by your spouse in case of your death, then you can change the type of ownership by transferring your interest to yourself. This change must be registered with the Land Title Office. | There are reasons for and against keeping the ownership registered as joint tenants. If you do not want to risk the property becoming entirely owned by your spouse in case of your death, then you can change the type of ownership by transferring your interest to yourself. This change must be registered with the Land Title Office. | ||
You should see a real estate lawyer for help in changing the way that you own the real estate. | You should see a real estate lawyer for help in changing the way that you own the real estate. | ||
