2006-11-19 02:22:14 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
It depends on what the item is that you have shared ownership on. If a vehicle or something like that, I would say do not have shared ownership on. A house/land good idea. If you are going thru a divorce, then there will be a property settlment anyway and you might end up oweing for 1/2 of the property. If one of you dies, then the property does not have to be refinanced with the resulting fees. If you sell the property, the title company will not close w/o both of your signatures on the title. With joint ownership, the payments you make will reflect on both of your credit reports, etc. Sometimes you cannot get a loan for purchase without a co-signer and I know that before I would co-sign, I would insist on being on the title as co-owner..
2006-11-19 02:38:55 · answer #1 · answered by bettyswestbrook 4 · 0⤊ 0⤋
If it is with your spouse? Then it would be a good idea in the event either one dies. No probate problrms.
If with a brother or sister or friend? No!
If you want to improve or change something? You will need to get the other's permission on it.
They can sell their half-ownership to a total stranger if they want to.
2006-11-19 10:41:02 · answer #2 · answered by jgood_50 4 · 1⤊ 0⤋