Legal Question in Wills and Trusts in New Mexico
Joint Tendency with Right of Survivorship
What exactly is the definition of Joint Tendency with Right of Survivorship? My husband placed his estate that he owned before our marriage in Joint Tendency with Right of Survivorship with me as his partner. If we were to divorce, how would it effect the estate under this right? Please understand that the estate was completely his when we married 6 years ago. I had nothing to contribution to it. The only contribution that I have made to our marriage over the last 6 years is that I have worked and provided health care insurance to protect the estate. And I have contributed to the monthly household expenses.
1 Answer from Attorneys
Re: Joint Tendency with Right of Survivorship
When your husband deeded the property to you and him as "Joint Tenants with Right of Survivorship," he made a gift to you of 1/2 of the property. Period.
JTWROS means that the property passes to the survivor of the joint tenants when the first dies. If your husband dies before you, it means you own the entire property by yourself, and vice versa.
If you divorce, you are entitled to the value of your 1/2. Usually one spouse buys the interest of the other, for example, the wife may agree to pay the husband for his 1/2 over a period of time just like a mortgage.
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