Patricia and her domestic partner Jordan purchase a home in Middlebury, Vermont and wish to hold title in a way that provides survivorship rights and also protects the property from the individual unsecured creditors of either partner. They are not legally married. Which form of ownership would BEST achieve both of these goals under Vermont law?
Correct Answer
A) Joint tenancy with right of survivorship, combined with each partner recording a homestead declaration.
Because Patricia and Jordan are not legally married, they cannot hold property as tenants by the entirety under Vermont law — that form of ownership is reserved for married couples. Joint tenancy with right of survivorship achieves the survivorship goal. To address the creditor protection goal, each partner can record a Vermont homestead declaration under 27 V.S.A. § 341, which shields up to $125,000 in equity from unsecured creditors for the property that serves as their principal residence. Together, these two mechanisms come closest to achieving both objectives for an unmarried couple.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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.
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