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With a tenancy in common, each owner has an undivided interest in the purchased property, which gives each tenant in common an equal right to use the property, even if the fractional or percentages of interests are not equal among the owners.
(164) Furthermore, if the couple divorced, ownership would shift to a tenancy in common, and the bank could seek a forced partition and sale, as the divorce would extinguish the nondebtor spouse's right of survivorship.
Property that is held as a tenancy in common is a kind of "commons" or shared resource.
In this regard, the Internal Revenue Service has taken the position that a concurrent dissolution of the company, transfer of ownership to the related tenancy in common and sale of the property to an unrelated purchaser means that the tenancy in common (the entity that must be the taxpayer in the first leg of the exchange) may have never held the property as an investment or for a business purpose.
Also, for the sake of brevity, if the joint ownership has a survivorship element, it will be referred to as "joint tenancy," and if it doesn't, it will be referred to as "tenancy in common."
that is to say, except in cases of estates by entirety, devise, transfer or conveyance heretofore or hereafter made to two or more shall create a tenancy in common, unless the instrument creating the estate shall expressly provide for the right of survivorship, and in cases of estates by entirety, the tenants, upon divorce, shall become tenants in common.
Business activities: In a tenancy in common, owners can participate in business activities.
A joint tenancy can be severed so that it becomes a tenancy in common, and this is often done in later years to minimise Inheritance Tax liability.
By "severing the joint tenancy" your wife has changed the legal position concerning ownership of your home from a joint tenancy into a "tenancy in common" and she has done this so that when she dies she can leave her half to whoever she chooses, probably someone other than you.