Joint Tenants vs. Tenants in Common: Which Is Right for You?
Buying a home with a spouse, partner, or sibling is exciting, but the title you choose can shape what happens to that property later. Are you trying to keep things simple for your heirs, or do you want flexibility if one owner needs to sell their share? At Commonwealth Life and Legacy Counsel in Central Virginia, we help families pick co-ownership options that align with their plans and avoid surprises. Our goal today is simple: we will explain joint tenancy and tenancy in common in plain English, then help you spot which one fits your life.
Overview of Joint Tenancy
Joint tenancy is a form of co-ownership where all owners share equal portions of the property and hold the same rights. It is more commonly used by non-married co-owners who want the property to pass automatically to the surviving owner without court involvement. In Virginia, survivorship does not happen by default; the deed must clearly say “as joint tenants with right of survivorship.”
To create a joint tenancy, lawyers often discuss the four unities that must be present simultaneously.
- Time, meaning each owner takes their interest at the same moment.
- Title, each owner receives title through the same deed or instrument.
- Interest: each owner holds an equal share.
- Possession, each owner has the same right to use the entire property.
When these unities are broken, joint tenancy typically comes to an end, which we cover in more detail below.
Key Features of Joint Tenancy
Here are the traits you will see most often.
Equal Ownership and Rights
Each joint tenant owns an equal share, regardless of who paid more at closing or who contributes extra funds for repairs. You also share the right to access the whole property, not just a room or a floor.
Right of Survivorship
If one joint tenant dies, their interest in the property passes automatically to the surviving joint tenant or tenants. That transfer skips probate, which can shorten timelines and reduce paperwork for the family.
Termination of Joint Tenancy
Joint tenancy can end if the owners agree to split or sell their interest, or if one owner transfers their share to someone else. A sale or transfer usually severs the joint tenancy and turns it into a tenancy in common.
Overview of Tenancy in Common
Now let’s look at a setup that offers more flexibility. Tenancy in common is a form of co-ownership that allows for different ownership percentages and carries no automatic right of survivorship. Co-owners can come into ownership at different times or through other means, such as separate deeds or an inheritance.
Key Features of Tenancy in Common
The next points highlight how this form works in practice.
Flexible Ownership Shares
Tenants in common can hold unequal shares, such as 70% and 30%. Percentages can be set to match contributions, buy-in timing, or a simple written agreement among the owners.
No Right of Survivorship
A tenant in common’s share does not move to the other owners at death. Instead, that share becomes part of the deceased owner’s estate and passes according to their will or, in the absence of a will, under Virginia intestacy rules.
Independent Transfer of Interest
Each owner can sell, gift, or mortgage their share without permission from the other owners. That freedom can lead to co-owning with someone new, which may be fine or a headache, depending on goals.
Joint Tenancy vs. Tenants in Common: Key Differences
The table below outlines the biggest differences you will experience day-to-day and later, when life changes.
| Feature | Joint Tenancy | Tenancy in Common |
| Right of Survivorship | Yes, if stated on the deed in Virginia | No, share passes under the will or intestacy |
| Ownership Shares | Equal shares for all owners | Equal or unequal shares allowed |
| Transfer of Interest | Transfer by one owner usually severs, creating tenancy in common | Each owner can transfer their share independently |
| Probate Implications | Share passes to surviving owners, typically avoiding probate | he share enters the deceased owner’s estate, and is generally handled through probate |
Both forms allow each owner to use the entire property. The real split becomes apparent in what happens after a death and how easily one owner can exit.
Pros and Cons to Consider
There is no one-size choice here. Your family, taxes, and plans for the future all play a part.
Advantages and Disadvantages of Joint Tenancy
People often like joint tenancy for its simplicity. Still, it comes with trade-offs you should weigh before signing a deed.
- Helps with estate planning because survivorship bypasses probate for that asset.
- May bring tax quirks for unmarried co-owners, including gift or basis issues, so consult with a tax professional before taking action.
- Creditors of one owner can sometimes reach that owner’s share, creating risk for the whole property.
In Virginia, many married couples also use tenants by the entirety, which includes survivorship and extra creditor protections for many debts. That is a different form, and for married couples buying a home in Virginia, it is often the preferred way to hold title due to its built-in survivorship and creditor protection benefits.
Advantages and Disadvantages of Tenancy in Common
Tenancy in common shines when owners want flexibility or want to leave their share to someone other than a co-owner. It can bring bumps, too.
- Let’s you set unequal shares and leave your portion to your chosen beneficiary by will or trust.
- Any co-owner can sell their part, which could lead to new, unfamiliar co-owners.
- A will is vital to direct your share, or Virginia intestacy rules will decide for you.
Disagreements are more likely to lead to a court process called partition. That can result in a sale of the property by order of a Virginia circuit court if the owners cannot agree.
Choosing the Right Co-Ownership Structure: Factors to Consider
Think about the relationship among the co-owners. A committed spousal relationship often indicates survivorship, while a business or investment partnership may point in the opposite direction.
Money and liability risk matter too. If one owner has high exposure to lawsuits or debt, that can affect not only them, but also the co-owned property. If conflict arises, Virginia law allows partition actions where the court may divide the land or, more commonly, order a sale and a split of the net proceeds.
How Co-Ownership Affects Estate Planning
Joint tenancy with the right of survivorship will control over a will or a trust for that asset. If your deed says survivorship, the property passes to the surviving owner, even if your will says otherwise.
With a tenancy in common, your share becomes part of your estate and should be included in your estate plan. You can direct the share to your spouse, kids, or a trust, and a personal representative will handle the transfer through probate unless it is held in a trust.
Whenever you add or remove an owner, update your estate plan accordingly. We often see people do that, then a year later, the deed and the will point in different directions, which creates stress that can be avoided.
Need Assistance with Estate Planning or Co-Ownership Matters?
If you are considering how to title your joint assets in the context of estate planning, we are happy to discuss the differences with you. Commonwealth Life and Legacy Counsel focuses on practical planning for Virginia families, with thoughtful support relevant to real life.
Call us at 434-589-2958 for Central Virginia or 804-598-1348 in Powhatan, email info@winget-hernandez.com, or visit our Contact Us page. Taking a few minutes now can save your family time, money, and stress later, and we are glad to help you get it right.