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Do I legally own half of the house if it's in both my name and my partner's name?
Joint Tenancy vs.
Tenancy in Common: If the house is co-owned, the type of ownership (joint tenancy or tenancy in common) determines the ownership percentage, even if names are on the title deed.
Contribution to Purchase: If only one partner's name is on the title, but the other partner contributed financially to the purchase, they may still have an equitable ownership claim.
Mortgage Payments: Making mortgage payments, even if not on the title, can establish an ownership interest in some jurisdictions.
Prenuptial/Cohabitation Agreements: Legal contracts can explicitly define each partner's ownership rights, superseding default property laws.
Divorce Settlements: Court-ordered division of assets in a divorce can override existing ownership, allocating the house or its value between the ex-partners.
Adverse Possession: Continuously occupying and maintaining a property for an extended period (often 10+ years) can establish ownership rights, even without being on the title.
Transfer of Ownership: Adding or removing a name from the title deed can change the ownership percentage, which may have tax implications.
Property Law Variances: Ownership rights can differ significantly based on the state or country, so consulting local regulations is essential.
Partitioning the Property: If co-owners cannot agree, the court can order the physical division or sale of the house and distribution of proceeds.
Homestead Exemptions: Some states provide legal protections for a primary residence, regardless of ownership shares.
Encumbrances and Liens: Existing mortgages, loans, or other claims on the property can impact an individual's ownership rights.
Estate Planning: Wills, trusts, and other estate planning documents can designate future ownership of the house upon the current owner's death.
Tax Implications: Ownership shares can affect property tax assessments, capital gains, and other tax considerations.
Refinancing: Lenders may require all owners to consent to and participate in the refinancing process.
Home Equity Loans: Access to home equity may depend on the ownership structure and all owners' consent.
Maintenance and Expenses: Responsibilities for upkeep, utilities, and other costs are often proportional to ownership shares.
Decision-making Authority: Owners may have different rights regarding property management, renovations, or sale decisions.
Tenancy by the Entirety: In some states, married couples hold property with unique ownership rights that differ from other co-ownership structures.
Constructive Trusts: Courts can establish a trust relationship to protect the interests of a partner who has contributed to the property but is not on the title.
Unjust Enrichment: If one partner has unfairly benefited from the other's contributions, the court may award an equitable remedy, such as a monetary payment.
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