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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.
When a couple owns a lot of property in Georgia and one dies does all the property go to the spouse?
In Georgia, whether all property goes to the surviving spouse depends on how the property is titled and whether the deceased spouse left a will. If the property is jointly owned with the right of survivorship, it automatically passes to the surviving spouse. However, if the property is solely in the deceased spouse's name and there is no will, Georgia's intestacy laws dictate that the property may be divided among the surviving spouse and any children. It is advisable to consult an attorney for specific legal guidance in such situations.
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 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.
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 one spouse make a trust deciding what to do with property jointly owned if he dies first?
In general, one spouse cannot unilaterally create a trust that dictates the disposition of jointly owned property upon their death, as both spouses typically have equal rights to the property. The joint ownership often means that the surviving spouse automatically inherits the property, depending on local laws. However, a spouse can create a trust for their individual assets and specify how those assets should be managed or distributed upon their death. It's advisable for couples to discuss their estate planning together to ensure their wishes are clearly reflected in legal documents.
