Sentences with phrase «jointly held property»

The way you split jointly held property and future expenses can drastically affect your future finances.

The issue at stake was the ownership of a jointly held property which had been shared for some years by Leonard Kernott and Patricia Jones.

The moral of the story is that dealing with jointly held property can be complicated and legally very technical and it is essential that appropriate legal advice be obtained and that the intentions of the parties be clearly ascertained and recorded to avoid subsequent disputes.

Our client had provided her partner with funds to renovate his property in preparation for sale, on the understanding that they would both sell their respective properties and use their combined proceeds to purchase their own jointly held property.

When a divorce, annulment, or other legal proceeding is filed, the filing party must ask the court to make a decision on the division of jointly held property in Minnesota.

If you're married, your spouse will usually be able to inherit jointly held property without the hassle of probate.

Of course, they also receive the entire amount of any jointly held property in addition to the one - third of the separately held property of the deceased.

Estate planning can reduce any capital gains tax that a surviving spouse in a community property state will face when selling jointly held property inherited from the spouse who passed away.

Not exact matches

Though the properties may have been legally held jointly by the two of you, the properties were still beneficially your mother's until her death.

On your mother's death, she would be deemed to have sold the two properties and one sale would be taxable, regardless of her holding the properties jointly with you.

Any property you hold jointly with the right of survivorship will pass directly to your partner.

If you still hold the property jointly, the lien holder must be paid before you can refinance or sell your home.

If you have a spouse, one of the easiest strategies is to hold property jointly.

Rebates (with interest) will be granted to the following people if they either exclusively hold the property or hold it jointly with their spouse and it has been used as their principal residence:

The trial judge determined that Mr. Brandsema failed to disclose, or properly value, family and jointly held business assets and awarded M.s Rick funds to equalize the property division.

There is a lot to lose by one or both parties in a cohabitation arrangement if they do not put together an agreement, both in terms of losing entitlement to property and also in terms of responsibility for certain debts, like jointly held credit cards making it advisable to consult with a cohabitation agreement attorney in Virginia.

While Dennis v McDonald [1982] 1 All ER 590 concerned a cohabitants» case where the woman had left the jointly owned family home due to domestic abuse, it was held that man should pay an occupation rent to the woman and the appropriate method of determining the rent payable was to assess a fair rent under the Rent Act 1977 with an offset for improvements that enhanced the capital value of the property.

The common intention resulting trust arises where two parties share an intention that a property be jointly owned in light of joint contributions even though the property is held in the name of only one of the parties.

In the case of the postnuptial agreement, a married couple will have jointly held «marital» property.

In Pennsylvania, as in most states, property that is titled jointly in the names of spouses is held as entireties property.

LMP Resources claimed a share of the hold - back monies (to the extent of its share of production from jointly owned property) on the basis of: (1) an express declaration of trust, (2) a deemed trust under clause 507 of the 1990 CAPL Operating Procedure, and (3) an entitlement to take its share of production in kind.

In general terms matrimonial property includes all assets belonging to the parties individually or jointly which was acquired during the period of marriage and held as at the date of separation, less any debts similarly held by the parties individually or jointly as at that date, subject to a few exceptions.

In circumstances where the legal ownership of property is held jointly, the approach to quantification should be no stricter than when the property is held in someone's sole name.

The exact arithmetical calculation of who paid for what is also now arguably less important in cases where the property is held jointly and both have contributed.

When Theadora died, the two - thirds interest she held jointly with Ingrid passed to Ingrid by survivorship, leaving no portion of the property to pass to her estate.

For real property, the joint ownership can be joint tenancy, which passes to the survivor on the death of one of the joint owners; or it can be held jointly as tenants in common, which means that on the death of one of the joint owners his or her undivided one - half of the interest is part of the estate of the deceased co-owner.

Marital property includes everything, and it does not matter whose name is on the title or if the assets are held solely in one name or are jointly titled.

During the separation, any assets that are accrued by either spouse are still considered marital property and as such, are held jointly.

It was simple in the sense that the parents held no assets or other property jointly.

ORION continues to assist and advise on strategic matters, leasing, valuations, buy / hold analysis, management, redevelopment, refinancing and anchor tenancy issues for each investor on these and other properties still held jointly in California including the entitlement for future development of a large tract of mixed use land and an apartment complex.

Property or money which is held jointly, along with the proceeds of RRSPs, insurance policies and some trusts are not included in probate and are exempt from the provincial fees that apply.

If the property is held for more than one year and a day, the gain is long term and taxed at a lower rate dependent upon the federal filing status as either an individual or married filing jointly and adjusted gross income.

If it was held jointly and one of the owners dies, their share of the property automatically goes to the other owner.

When a property is transferred to people who aren't married to each other, title can be held either «jointly» or «in common.»