Conflict often arises where multiple people jointly own one property, as there may be differences of opinion about the property’s management and disposition. We can be of assistance in determining the best type of joint ownership and establishing legal relationships that are designed to avoid or resolve a future dispute.
When spouses jointly own property, there are a variety of laws that protect each spouse’s interest. In Washington, the property owned by spouses is community property. Community property laws (and similar laws in other states) protect each spouse’s interest in the property. If you are unsure whether you want to jointly own property with a spouse, or if you and your spouse disagree about property you own together, you may want to consult a family law attorney.
However, it is not uncommon for two or more people — not married to each other — to purchase property together and thus to own the property jointly typically as tenants in common or as joint tenants. This can arise in a variety of circumstances: two people may be legally barred from getting married yet want to both own the family home; two or more people may decide to pool their assets in order to purchase a property they could not afford individually; or several people may want to purchase a property that each will use only part of the time, such as a vacation home. We can assist you in determining the best form of ownership for your particular situation.
Moreover, when jointly purchasing a property, the owners should also enter into an agreement that will spell out how the property will be managed and how any disputes will be resolved. In reality, it is not possible to resolve in advance every conceivable dispute that may arise between joint owners. However, a good agreement will address the most significant issues (such as the initial and ongoing percentage shares of ownership) as well as provide a framework for resolving anticipated and unforeseen disputes. Such an agreement can be invaluable in preserving a positive relationship with a joint owner, particularly where the joint owner is a close friend or family member. We can draft an appropriate agreement after discussing your specific situation.
Contact us to discuss your particular situation and how we may be of assistance.
