Helen and her husband David own their Knoxville home as tenants by the entirety. They later divorce, and the divorce decree does not address the property. Under Tennessee law, how is the property now held?
Correct Answer
C) Helen and David now hold the property as tenants in common with equal shares
In Tennessee, a tenancy by the entirety requires the parties to be legally married. When the marriage ends through divorce, the legal basis for tenancy by the entirety is destroyed. The ownership automatically converts to a tenancy in common, with each former spouse holding an undivided one-half interest. This conversion occurs by operation of law even if the divorce decree does not specifically address the property.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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