“This conveyance establishes sole and separate property of a spouse. A sheriff’s deed is a deed granted at the end of a mortgage foreclosure, in which the sheriff, under the order of the court in the foreclosure case, grants ownership of the property to the successful bidder at the sheriff’s sale. In Florida, tenants by entireties means both spouses own an undivided interest in 100% of the property. Adam practices primarily in the areas of business and family-based immigration, trusts and estate planning, and business planning. Community property is reserved for spouses, though both joint tenancy and community property offer shared ownership of real property. who owns separate property and also was a tenant by the entirety or joint tenant, then the survivor should, in addition to the probate pro-ceedings in connection with the separate property, prepare and file the affidavit and death certificates under Wyo. (2) Any obligation for support arising out of a prior marriage. g. C. If the joint tenants agree on a purchase price, the seller prepares a deed to convey the real property to the other joint owner. Marital property is subject to division in a divorce, and may present issues when administering a will or trust document. Joint tenancy can be useful for estate. equal shares are divided into the property’s ownership. A. The three right of survivorship deeds are: joint tenancy, tenancy by the entirety, and community property. It shares many of the characteristics of community property but adds the benefit of the right of survivorship similar to title held in joint tenancy. After completing the deed, it is recorded in the local registry of deeds. Thethe right of survivorship in the surviving joint tenant(s). Specific state laws will dictate the ins and outs of these concurrent ownership alternatives where you live, but here is an overview of the rights of concurrent property owners. tenants. Gift. For example, you may have sole ownership of the property, joint tenancy with the right of survivorship,. For example, if you bought vacant land for $200,000 and. Property owned in joint tenancy (often called "joint tenancy with right of survivorship" or "JTWROS") automatically passes, without probate, to the surviving owner (s) when one owner dies. 1990). As Petty’s MD, John steers the ship. Guardian's position as joint tenant of or successor to property in ward's estate as raising conflict of interest, 69 A. The joint tenants must have undivided interests in the whole property, not divided interests in separate parts (3) Unity of title. was to them as separate individuals and not to them as a unit. 546 (2005). The court also holds that joint tenancy property should be treated similarly to community property under Arizona law (A. The amount of tax depends on your relationship. This is a form of vesting title to property owned together by spouses or by registered domestic partners. You may owe your spouse’s debt even if you knew nothing about it. 9. If you are using our service the very first time, follow the instructions below to get your Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy quickly: Make. This concept is slowly. Type text, add images, blackout confidential details, add comments, highlights and more. A joint tenant has an ownership interest in the property that is equal to the interest of the other joint tenants. Other simple and expedient methods exist to plan an estate, whether the estate is large or small. The grantees are two named people: you and your spouse. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. By the deed’s explicit declaration, no consideration is necessary or expected. R. Black’s Law Dictionary (8th Ed. Property can be owned and managed by both owners by use of trusts. A. Revise it with your favored offline or online editor, fill it out, sign it, and. The parties were going through a divorce in Arizona. However, any money earned or assets acquired before marriage by a spouse is the separate property of that spouse. It reviewed each to determine whether the. E. (Or, if there are three joint tenants, only at the death of the first two, and so on. Simply put, suppose a couple bought their home for $20,000 in 1955. One year after meeting at a senior citizens dance in Mesa, Arizona in 1992, Anthony Toth and Gloria Snyder Toth were married (Anthony, age 87 and Gloria, age 66). Note: Arizona is a community property state. If you have any further questions regarding joint tenancy or would like to make an appointment with Gloria Petroni, call 775. Yes. §33-405 (statute includes a sample form) • Beneficiary deeds (A. With a joint tenancy, each joint tenant’s interest must be created by the same instrument, each interest must be equal, and each tenant must have the same rights and obligations respecting the property. The court may impress a lien on the separate property of either party or the marital property awarded to either party in order to secure the payment of: Any interest or equity the other party has in or to the property. Two or more persons may hold title to real property as joint tenants with the right of survivorship. Inter vivos transfer of a joint tenant’s undivided share by sale or gift terminates the joint tenancy by destroying all the unities except the unity of possession and thereby converts the estate into a tenancy in common. When one spouse is a not a U. Joint Tenancy with Right of Survivorship. Sometimes two or more people may own property as. It is possible to hold a shared interest in an asset in a few states. Property Assessment Themis. A joint tenancy can be created only by the intentional act conveying a deed or giving the property by Will, not implied or created by operation of law. The surviving owners will need to remove the deceased owner's name from the. App. 84 million without paying any federal estate or gift tax. Strong presumption that property acquired by married couple* is community. A gift deed, or deed of gift, is a legal document voluntarily transferring title to real property from one party (the grantor or donor) to another (the grantee or donee), typically between family members or. “In order to constitute a joint tenancy, four requisites must exist, namely: The tenants must have one and the same interest; the interest must accrue by one and the same. If a married couple acquires title as joint tenants with the right. A Joint Tenancy with Right of Survivorship is a document (usually in the form of a deed) wherein two individuals (often husband and wife) own equal and undivided interests in a piece of property. . Since no probate was required for property held in joint tenancy (the “right of survivorship” part of joint tenancy means the surviving joint tenant receives the property without having to go through the probate process), most married couples opted for joint tenancy rather than community property. Joint Tenancy with right of survivorship is a method of co-ownership that gives title to the real property to the surviving tenant (s) upon death of a joint tenant owner. Of the $400,000. There are three major forms of joint property ownership (or "concurrent ownership"): tenancy in common. Commingling of assets does not happen on purpose. It is an undivided ownership; in other words, all owners own the entire asset. Estate of Lee v. S. Joint tenancy with rights of survivorship gives everyone equal ownership rights that automatically pass on to survivors in the event of an owner’s death. This is a statutory presumption that all property acquired by husband and wife is community property. 02. Simply put, if you are unmarried, everything that you own is separate property, according to Arizona inheritance laws. What does joint tenancy with the right of survivorship mean? Joint tenancy with the right of survivorship means that two or more people own equal interests in the. Utilize the upper and left panel tools to edit Joint Tenancy to Tenancy in Common Deed - Arizona. In Arizona, deeds of trust are creatures of statute. Instead, the divorce serves to change the joint tenancy title to tenancy in common so the surviving ex-spouse owns half the house, and the deceased spouse's heirs. Warranty Deeds. Unity of Possession - all joint tenants hold an undivided right of possession 2. App. Each joint tenant must have estates of the same type and same duration. Enter your official contact and identification details. Estate in Severalty – property is owned by one owner. Deeds are provided for individuals, corporations, Limited Liability Companies and husband and wife. " The main advantage of holding property as joint tenants is that it allows property to pass automatically to the survivor when the other owner dies. A co-tenant cannot sell or transfer the other co-tenants' interests in the property. 02. There may be unintended tax consequences, loss of control and/or liability risks. It is commonly used to ensure that surviving parties can keep the property if they are a joint owner and the other owner becomes deceased. state-level legal distinction of a married individual's assets. S. A boat, owned and registered in your name, which you bought during your marriage with your income. A conveyance of real property that is executed pursuant to a court order. Two. A gift or inheritance to a married person is separate property. To the extent that either one of you pays more than half of the cost of the joint tenancy property costs each year, including both mortgage interest and property taxes (less a $14,000 annual allowance amount, as explained in my original answer), then under the estate and gift tax rules, a "deemed gift" is considered to have been made . - 5:00 p. 317988), the Michigan Court of Appeals ruled that a plaintiff had failed to state a. Arizona law specifies that a trust deed on community property is not valid unless both spouses execute and acknowledge it. §33-405) transfer property upon death. Community debts that the court has ordered to be paid by the parties. 1465. Sunwest Bank (In re Fingado), 113 Bankr. Tenancy by the entirety is the status quo arrangement in many states and the District of Columbia for married spouses who acquire personal property, such as landed assets. Contact Adam today at 480-750-7337 or by email at adam@gundersonlawgroup. Create Document. The deed is then recorded, thereby severing the joint. At common law such a deed lacks the four-fold unities of. The partners may hold different percentages of the. Citizen: If a spouse gifts half of an interest in real property to their spouse who is not a U. In high-net-worth divorces, the distinction between marital and separate property is rarely black and white. Tenants in common have separate titles,. A)Joint tenancies may only be established between spouses. . entire property is includable in that owner's gross estate. tenancy by the entirety. The male co-owner later obtained a second mortgage for $100,000 in his name alone. For. The deed to your property specifies the type of ownership you have. It should say how title is held: in joint tenancy, tenancy in common, tenancy by the entirety, community property or community property with right of survivorship (in community property states). Draw your signature, type it, upload its image, or use your mobile device as a signature pad. It’s also things like a bank account, pension, 401k, or stocks. A)Joint tenancies may only be established between spouses. Each party owns a specific, undivided interest in the property. Murin took title to the whole property in the divorce. Understanding Beneficiary Deeds. If a married person acquires title as sole and separate property, his/her spouse must execute a disclaimer deed. Two or more people owns a parcel of real estate. As with the tenancy in common, there’s no need for a will or probate, because after one spouse dies the surviving spouse automatically takes ownership. The following are community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Tenancy in Common: Two or more persons may hold title to real property as tenants in common. Arizona Revised Statutes Title 33. 4th 1068. 00. Sec. 92 million per individual as of 2023. If two or more people share rights to the property, things get a little bit more complicated. Size of Probate Homestead. It is also sometimes used for business purposes. That’s because you’ll need all of the owners to be available to sign over the deed. It contains the names of the current owner (the grantor) and the new owner (the grantee), the legal description of the property, and is signed by the grantor. A deed to an unpatented mining claim. Disposition. Under common law, joint tenancy with a right of survivorship requires that the ownership interests are: Held by all of the joint tenants. If interests are not stated, equal shares are. Unlike tenants in common, joint tenancy has several requirements that must be met in order to be properly created. Real Estate is owned in one or two ways:Separate ownership, or Severalty or Concurrent ownership; In California, property is generally owned in one of 6 distinct forms of ownership: Severalty; Tenancy in Common; Joint Tenancy; Tenancy in Partnership; Community Property; and Community Property with the Right of Survivorship. 3. Property acquired during the relationship, but before the legal marriage, remains a separate asset. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. A person may make up to $13,000 per person in 2011 (andA quitclaim deed to quiet title as described in A. But the idea of separate property isn’t that simple, as it is divided into. A. In a warranty deed, the grantor promises to pay for any lawsuits or damages due to undisclosed ownership. In other cases, however, the judge may decide to award one spouse a greater percentage of the marital. Rather, the court will divide property between spouses in a way that it considers fair. A transfer of real property on death receives a stepped-up value to current market value, for capital gains purposes, Grier said. You will also need to include the legal description of your property. Transfer to a living trust. Property or money acquired by gift, will, or inheritance is also separate property, even if it is received during the marriage. One joint tenant can partition the property by selling his or her joint interest. Unless the joint tenancy with the right of survivorship is otherwise disposed of in a final order of divorce or annulment, if either party to an instrument of title creating a joint tenancy with the right of survivorship files an affidavit in the real property records maintained by the clerk of superior court of the county in which the real. Just as separate property can be transformed into shared property, community property can be turned into separate property by a gift from one spouse to the other. First, we look to the law. Joint tenancy. Each owner can have a trust that owns a one-half interest in the property as a tenant in common with the other half owner’s trust. In 1995, the Arizona legislature made the. Separate property A. 00 goes to the bank. A joint tenancy is severed by (a) mortgage or creation of a deed of trust, (b) transfer to a revocable or irrevocable trust, (c) contract to convey the property, or (d) destruction of one or more of the four unities; and the result is the failure of the right of survivorship. MARITAL PROPERTY RIGHTS AND LIABILITIES. A joint tenant may sever a joint tenancy by conveying the property to himself or herself as a tenant in common without the need for an intermediary strawman. Joint tenancy is an arrangement that allows beneficiaries to access your account without having to go to court. In many states, 4 unities must be satisfied to create a joint tenancy: unity of possession; unity of interest;All joint tenants must agree to the sale or mortgage of the property. In Arizona, a spouse signing over property by quitclaim generally gives up all interest in it. For instance, as a property owner, you can choose to own 75% of the property, while your co-owner owns the remaining 25%. Armer, 463 P. Furthermore, each co-owner may control an equal or different percentage of the total property. He is, however, first to admit that the team around him run the show, and he’s incredibly proud of each and every one of them. Joint Tenancy: A type of property right where two or more people own or rent a property together, each with equal rights and obligations, until one owner dies. Sole and Separate: Real property owned by a spouse before marriage or any acquired after marriage by gift, descent of specific intent. The three main types of property ownership and debt-sharing schemes are community property, tenancy by the entireties, and common law. 4Tennessee law recognizes three (3) forms of concurrent ownership: tenancy by the entirety; joint tenancy with right of survivorship; and tenancy in common. For example, say that you have a job earning a regular salary. a deed or will) (4) Unity of interest. Joint tenancy is part of what are sometimes called nonprobate transfers on death. U. If one joint tenant passes away, their ownership share in the property is passed on to the remaining joint tenants. When a property is held in joint tenancy, for example, every person in that agreement owns an equal share of the property. Community Property With A Right Of Survivorship. "Half" relatives inherit as if they were "whole. A statement that the property was held in joint tenancy, citing the document identification number for the prior deed. The primary feature of joint tenancy is the right of survivor-ship, the jus accrescendi. Perhaps the most significant disadvantage of joint tenancy relates to creditors. ) “A joint tenancy is an estate held by two or more persons jointly, each having an equal right to its enjoyment during his or her life. Sometimes it is desirable to add someone to the title of a house you own. Title to real property can be held in joint tenancy by two or more individuals either married or unmarried. Married couples have a special way to own property jointly in some states, which has advantages over regular joint ownership. In the majority of cases, a fair division will be an equal (50/50) division. L. You may qualify for the co-tenancy exclusion if you file an affidavit with the county assessor when your brother dies. appreciation from the gift property used to acquire joint tenancy property with donor? Rev. In a joint tenancy, two or more people own property together, each with equal rights and responsibilities. If one of the joint tenants dies, their interest. Avvo Rating: 6. Upon death, the interest passes in accordance with either a will or the laws of intestacy. The most common ways for unmarried couples and domestic partners to hold title to co-owned real estate are as: Joint Tenants; Tenants in Common; Community Property; and. A5. Joint tenancy, tenants in common and community property. If acquired after, then the property was subject to the presumption under Family Code §760, he said. Joint tenancy is a type of property ownership that allows two or more individuals to co-own property with equal shares and rights of survivorship. estate. Arizona offers two ways to accomplish this: a quit claim deed or a warranty deed. An equitable division of marital property is not always an equal division. Proc. You and your co-owner need not own. Thus, you and your partner can each own 50% of the house, or three people can each own one-third. The creation of a joint tenancy has important legal consequences. '1 3 5' will search for 1, 3, or 5 while '1:5' will search for 1 through 5. There are many reasons why it may be a very bad idea to transfer property into, or to own property in, joint tenancy: Prescott AZ lawyers. This means that when one owner passes away, their share of the property automatically transfers to the surviving owner (s) without going through probate. The rules differ somewhat from state to state, but, generally speaking, gifts made to transform one type of property into another must be made with a signed document. The building would have to be sold upon Bob's death. 37 (Bankr. The rules for when a transfer of property in joint names is a gift are complicated. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. When you sign a quit claim deed, you do not make any guarantees or promises about whether someone else also has a legal interest in the property. Joint tenancy is one form of co-ownership. Surprise Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy A professional template by US Legal Forms will assist you to spend less time and costs, and stress. Gifts. Arizona. When a joint tenant dies, title to the property is automatically conveyed by operation of law to the surviving joint tenant(s). Joint tenancy may have other consequences. Arizona property law has several notable rules: State the grantor’s and grantee’s full name on the gift deed, along with their marital status and mailing addresses. In Arizona, the most common type of deed is a Warranty Deed. Updated October 03, 2023. Earnings of either spouse during a marriage are community property in Arizona. But when you’re taxed, you can deduct the cost basis (a measure of how much you invested in it). How to fill out Arizona joint tenancy deed: 01. Compare to Joint Tenants. In Raptes v. How you can fill out the Joint tenancy az form form on the internet: To start the form, utilize the Fill camp; Sign Online button or tick the preview image of the form. 3/28/2019 (c) William P. Joint tenancy. How should Dad value a gift of a joint tenancy interest in property?. Your effective gift deed must have several traits and components: It is created to make an immediate transfer of the owner’s interest in the property, and an actual delivery of the property. result of commingling community and separate property in arizona; increased value of a business in an arizona divorce; gift of separate property through a joint tenancy deed. A6. State probate law determines whether property passes without probate. 2018) WL1755415, an unmarried couple purchased a residential property and held title as joint tenants for approximately thirty years. In general, Arizona allows multiple individuals to hold title in one of three ways: tenancy in common, joint tenancy, and community property (§ 33-431). 13 If this occurs, does a gift presumption apply. Trusts can be both single and joint. As discussed below, although common law joint tenancy has been abolished in Tennessee, a joint tenancy may still be created as a matter of contract. S. § 33-431 - Grants and devises to two or more persons; estates in common; community property with right of survivorship; joint tenants with right of survivorship § 33-432 - Presumption of intention to convey fee § 33-433 - Effect of alienation purporting to pass greater right than possessed by person making alienationCharacter of joint tenancy interests held by both spouses or both domestic partners. Gift tax—Depending on who the joint tenants are, there may be gift tax implications for transferring or tilting property in joint tenancy. Selected as best answer. — If a party alleging that property held in joint tenancy was meant to be separate, to prevail there must be either a clear designation of that intent, or enough evidence to overcome the presumption of community property. The probate-avoidance part of joint tenancy works only at the death of the first co-owner. R&T 11911” OR “It is the Property acquired during the relationship, but before the legal marriage, remains a separate asset. For example, say that you have a job earning a regular salary. Make adjustments to the template. It was bought with community property income (income earned during the marriage) A family home, which the deed states is owned by you and your. Ownership stake is jointly shared between the two individuals, whether they’re spouses, partners or even roommates. All property acquired during the marriage will be divided equally between both parties; it is known as community property in this state and applies to all types of possessions (both tangible and intangible), real estate, income, or debts that exist at the time of divorce. See morePlacement of Properties into Joint Tenancy by Husband Constituted a Gift of Separate Property Spouse Gifting Property Through Joint Tenancy is Not Entitled. GENERAL RULES FOR SEPARATE AND COMMUNITY PROPERTY. Simply put, a beneficiary deed allows a real property owner to execute a deed that transfers the title to the property to a beneficiary upon the death of the grantor. Of course, if the title or deed to a piece of property is put in the names of both spouses, however, then that property would belong to both spouses. To qualify, IRS Revenue Ruling 87-98 requires spouses to acknowledge in writing to each other that their joint tenancy property is also community property. A Spouse Only Owns 50% of Joint Tenancy Property. 2018) WL1755415, an unmarried couple purchased a residential property and held title as joint tenants for approximately thirty years. e. Locate Kansas Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants samples made by professional legal representatives and avoid the high-priced and time-consuming process of looking for an lawyer or attorney and then paying them to write a document for you that you can easily find on your own. Upon the death of an owner, the decedent’s interest ends and the survivor owns the property. If you die first, after a long marriage, and your spouse sells that $100,000 house for $750,000, their capital gains totaled $650,000, and they must pay capital gains tax on $400,000. The last living owner inherits the entire property. The quitclaim deed would transfer title from the community or joint property to separate property. Tenancy in common. Not every deed that describes the co-owners as joint tenants is sufficient to create a joint tenancy. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. Tempe Arizona Agreement Converting Joint Tenancy Property into Community Property - Deed Obtain a template and reuse it as often as you need, or use US Legal Forms integrations with PDF modifying and electronic signing platforms to prepare the form. 1991) 940 F. Marital Property: A U. As you have learned here already, tenancy in common is an arrangement where two or more people share ownership rights in a property. Though the arrangement will last as long as their marriage, it can be dissolved by mutually agreeing to gift the property to a different party, death, or divorce. If the joint tenants agree on a purchase price, the seller prepares a deed to convey the real property to the other joint owner. These deeds filed at the Recorder’s Office in the county where the property is located • Joint-tenancy deeds (A. 33-405. 50/50 Community Property Division. S. § 704. 00 equity that remains, $100,000. But if a couple divorces and the ex-spouses still own the property as joint tenants, California law revokes the ex-spouse's right to receive the property after the other spouse dies. A deed that conveys an interest in real property, including any debt secured by a lien on real property, to a grantee beneficiary designated by the owner and that expressly states that the deed is effective on the death of the owner transfers the interest to the designated grantee beneficiary effective on the. transmuted into separate property. In dividing property between the parties, there are two options: 1. Yes you can deed the property from yourself to you, wife and son just as you say, and the documentary transfer tax will be waived assuming you fill out the Preliminary change of Ownership. Establishing separate property of a spouse. Type text, add images, blackout confidential details, add comments, highlights and more. Property owned by one spouse before marriage is separate property. If you are married and own property jointly, you should make sure you have the right form of ownership. ” (See Brown v. 37 (Bankr. Tempe Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy Obtain a form and reuse it as many times as you need, or use US Legal Forms integrations with PDF editing and electronic signing solutions to prepare the form. Contact Adam today at 480-750-7337 or by email at adam@gundersonlawgroup. 3 Joint tenancy with right of survivorship may be the simplest and most efficient way for spouses to own property. By bringing a co-owner onto the deed, you relinquish a part of that control. Joint Tenancy Deed Related Forms View North Carolina Instructions For Petition And Order Of Expunction Under G. Note: If a married person enters into a joint. However, there are contrary arguments that can be made, including fraud or mistake, or the fact that the community paid the mortgage and other expenses associated with the home. As of July 20, 1996, the Arizona legislature effectively abolished the requirement of the “straw deed” and the necessity of joint tenants to all take their interest at the same time. Tenancy in common: property is owned by two or more owners. R. Share your form with others. By deed or by will. M. With respect to a deceased joint tenant, the termination or extinguishment by death of that tenant's joint tenancy with right of survivorship may be evidenced by the recordation of both of the following items in the office of the recorder of the county or counties where the real property is located: 1. Arizona property law has several notable rules: State the grantor’s and grantee’s full name on the gift deed, along with their. A quitclaim deed is named as such because it means that the owner is leaving behind their claim on the property. If this instrument establishes the real estate as one spouse’s separate property, such as a. No one owner owns “more” of the property. The most controversial feature of a joint tenancy is not the relationship among joint tenants while both or all are living, but theWhen recorded, a special warranty deed conveys an interest in real property to the named grantee with limited warranties of title. d. 03. If you die first, after a long marriage, and your spouse sells that $100,000 house for $750,000, their capital gains totaled $650,000, and they must pay capital gains tax on $400,000. ’If you are using our website the first time, follow the tips listed below to get your Michigan Warranty Deed for Separate or Joint Property to Joint Tenancy fast: Make certain that the document you find is valid in your state. For example, four joint tenants of the same property each own one-fourth of the property. The Long Answer. This is a form of vesting title to property owned together by spouses or by registered domestic partners. If one of the joint tenants sells or conveys the interest created in a joint tenancy to another person, the joint tenancy is broken, and a. (2) All property acquired by the person after marriage by gift, bequest, devise, or descent. A trust can be a joint tenant under Civil Code section 683(a), which specifies that a joint tenancy may be created by grant or devise to trustees as joint tenants. Can one spouse decide to reconvert the joint property to community property without the. #2) Can One Spouse Sever a Joint Tenancy Without the Other’s Consent? In Australia, it’s possible for one spouse to unilaterally sever a joint tenancy through a process known as ‘unilateral severance. m. Joint tenancy is a legal definition that applies to how a property or other assets are owned. Designate the vesting for the new owner (s): sole ownership, tenants in common, joint tenants, or community property. • each tenant holds an undivided interest. Chandler Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy Make the most of our extensive online form library to make sure you always can get up-to-date. R. Joint Tenants with Right of Survivorship - JTWROS: Joint tenants with right of survivorship (JTWROS) is a type of brokerage account owned by at least two people, where all tenants have an equal. While alive, Mrs. R. There are several joint ownership options in Arizona, each with its advantages and disadvantages. , ownership by two or more persons at the same time. Beneficiary deeds; recording; definitions. 11 Upon the death of one joint tenant, the entire estate remains to the others. Unity of time - all joint tenants acquire their interest at the same time 4. The parties need not be married to take title as joint tenants, and there may be more than two joint tenants. Probate Attorney in Oro Valley, AZ. The Arizona Court of Appeals in the case of Bell-Kilbourn vs. The most common exemption code related to a divorce is A5, which refers to a conveyance recorded to satisfy a court order. Additionally, with tenants in common, the ownership percentage may not be equal.