Tenants In Common, Joint Tenants, and Tenants In The Entirety In An Illinois Divorce

Being married means starting a life together. For most people, that means owning property together in furtherance of building a home and a family. That real estate can be held in a variety of ways based on how the deed to the real estate is conveyed to the married couple. In Illinois, property can be held as tenants in common, joint tenants and tenants by the entirety. These labels on the jointly held property impact what happens to the property in life, death and (sometimes) divorce. Deeds determine how property is held. What is written on the deed will matter, not what the parties intended. “The deed was unambiguous and its legal effect cannot be changed by parol evidence that it was intended to have a legal operation different from that which would be imported by its terms.” Jackson v. O’CONNELL, 177 NE 2d 194 – Ill: Supreme Court 1961 Tenants In Common In Illinois If a property is owned by two or more people, property will be held as “tenants in common” unless otherwise stated. All lands “held or claimed under any grant, legacy or conveyance” are held in tenancy in common unless the premises are expressly declared to pass “not in tenancy in common but in joint tenancy” 765 ILCS 1005/1c Holding a property together only lasts as long as both parties want to hold the property together. “In Illinois…the owner of property has an absolute right to dispose of his property during his lifetime in any manner he sees fit” Johnson v. La Grange State Bank, 383 NE 2d 185 – Ill: Supreme Court 1978 When one party dies and the property was held as tenants in common, that party’s share of the property will go to whomever the deceased’s will bequeaths the property to. Joint Tenancy In Illinois Holding a property in joint tenancy allows the property to remain with the surviving joint tenant after the death of the other party without any fear of the deceased’s share being given away. “A joint tenancy is an estate that two or more individuals hold jointly with equal rights.” Gayton v. Kovanda, 857 NE 2d 929 – Ill: Appellate Court, 1st Dist., 3rd Div. 2006 “[A]n intrinsic feature of joint tenancy is the right of survivorship, which entitles the last surviving tenant to take the entire estate” Sathoff v. Sutterer, 869 NE 2d 354 – Ill: Appellate Court, […]

from Russell D. Knight | Family Lawyer Chicago https://rdklegal.com/tenants-in-common-joint-tenants-and-tenants-in-the-entirety-in-an-illinois-divorce/