From Joint Tenancy to Tenants in Common - What Property Owners Need to Know

Sometimes, co-owners decide that joint tenancy no longer suit their circumstances and choose to change their ownership structure to tenants in common. This process is often referred to as severing a joint tenancy.

There are several reasons why property owners may consider changing their ownership structure, one of which and the most common reason is Estate Planning. If you are considering severing a joint tenancy, it is important to understand the legal and financial consequences before proceeding. Speaking with a qualified estate planning attorney can help you determine whether the change is appropriate and ensure that all necessary legal documents are properly prepared and executed and that the change accomplishes your intended goal.

Before you change the title, check the taxes!

Severing a joint tenancy can sometimes trigger a property tax increase. Contra Costa, Alameda, and Solano Counties generally follow the same reassessment rules, but the safest step is to speak with the assessor in the county where the property is located before making any transfer or title change.