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When one spouse has a judgment enter on them can they levy property that is jointly owned by the other spouse?
In Michigan can jointly owned real estate by used to satisfy a judgement against one of the joint owners?
What happens to jointly owned property in a non-community property state in the event of the death of a spouse?
If the real property is owned as tenants by the entirety or joint tenants with the right of survivorship the interest of the decedent automatically passes to the surviving spouse and they need to do nothing except record a death certificate in the land records.
What percentage of the proceeds is due to the wife when a property is sold?
If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.
Can jointly owned property be willed to spouse with stipulations?
Property held in a joint tenancy automatically passes to the surviving owner. You cannot attach stipulations to it.
What is jointly owned holiday property called?
timeshare
Is the deceaseds spouse responsible for debts not in their name?
They might be. Anything jointly owned would normally become sole property of the spouse, but, is still part of the deceased's estate. After taking appropriate legal steps for example, a creditor could force the sale of a jointly owned property, splitting the money with the spouse to start paying off the deceased's debts. If all the deceased's assets are liquidated, and it is not enough to pay off the debt though, then the spouse is not responsible for that part, that debt will then have to be written off.
Is an estate accounting required even if assets were held in joint tenancy and spouse is only heir?
If all property was jointly owned then ownership automatically passed to the surviving spouse. There is no need to open an estate proceeding.
Can jointly owned property be seized after a financial judgment?
Property can be seized by a financial judgement even if it is jointly owned. There are however ways to get around this. There are waiver and judgements that can be put into place to protect a spouse or business partner from incurring loss from a lien or judgement. The laws differ in each state so it is always best to consult an attorney on these matters.
What happens if spouse does not file will with probate in Ohio?
If the testator owned any property in her/his own name at death the estate must be probated. If the testator left any bequests to any other heirs it is illegal for the surviving spouse to withhold the will from probate. If all the property owned by the couple was jointly owned with the right of survivorship and there was no personal property devised to any other heirs then the estate need not be probated. If you're not sure you should consult with an attorney who specializes in probate who could review the situation and determine what your obligations are.
Can jointly owned personal property and assets be taken if the repo car was only under the spouse?
YES, they can be taken BUT NOT kept. ALL PP belongs to the debtor and the DEBTOR will have to redeem it.
Can the IRS seize a jointly owned vehicle?
Yes, the IRS can seize a jointly owned vehicle if one of the co-owners owes taxes. They have the authority to enforce tax collection by levying assets, including jointly owned property.
Can someone put a lien on your home when it is a personal loan and what if the house is jointly owned and the owners are not married?
A Mechanic's lien can be placed on a jointly owned home without the necessity of a lawsuit. All other liens against real property even that which is jointly owned must be obtained through the prescribed legal procedure (lawsuit) of the state in which the property is located.
