Kevin and Lisa are married and own their Bloomington, Indiana home as tenants by the entirety. They later divorce. What happens to their tenancy by the entirety ownership upon the finalization of their divorce?
Correct Answer
C) The tenancy by the entirety is severed and they become tenants in common
Under Indiana law, tenancy by the entirety requires the parties to be legally married. When a divorce is finalized, the legal marriage ends, and with it, the eligibility for tenancy by the entirety. The tenancy by the entirety is automatically severed upon divorce, converting the ownership to a tenancy in common. Each former spouse then holds an undivided interest as a tenant in common, which can be addressed in the divorce decree.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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