Did you know that if you own your home in joint tenancy with your spouse you can't pass your share to your children by will if you die before your spouse? The property would pass automatically at death to your spouse. This is one reason joint tenancy is the most common way for couples to own property. It can be easier to transfer ownership this way than by a will.

Joint tenancy means each co-owner has equal rights for the whole property. A joint tenant can end the joint tenancy at any time. If agreement cannot be reached with other joint owners, a court will force a sale. On the other hand, a joint tenant cannot sell his share of the property without the other's consent. Tenancy in common is another form of joint ownership. Tenants in common are co-owners. They may sell their shares without the consent of other owners or pass their ownership rights in their wills.

The forms and consequences of joint ownership vary somewhat between states. Before acquiring any property jointing, seek legal help to be sure you understand the consequences.