How Do I Sever a Joint Tenancy in Washington?

Full question:

My significant other (a single woman) and I (a single man) purchased a house as 'Joint Tenants with right of Survivorship'. We have lived in the house together continuously for over 6 years Do I have the right to sever the joint tenancy and what are some of the legalities involved in this?

Category: Real Property
Subcategory: Joint Tenants
Date: 04/07/2025
State: Washington

Answer:

The answer will depend on the facts involved, such as whether the other tenant is willing to sever the tenancy. A voluntary agreement to transfer your interest to another party would sever the tenancy. A contract or agreement by only one joint tenant to convey property held in joint tenancy destroys the right of survivorship, terminates the joint tenancy and converts it into a tenancy in common. A deed could also be prepared converting the tenancy from joint tenants to tenants in common. Joint tenant can record a quitclaim deed from themselves as joint tenants to themselves as tenants in common. If the other tenant doesn’t consent, and you wish to still own the pproperty, the court may need to order the severance.

Living together, or cohabitation, in a non-marital relationship does not automatically entitle either party to acquire any rights in the property of the other party acquired during the period of cohabitation. However, adults who voluntarily live together and engage in sexual relations may enter into a contract to establish the respective rights and duties of the parties with respect to their earnings and the property acquired from their earnings during the nonmarital relationship. While parties to a nonmarital cohabitation agreement cannot lawfully contract to pay for the performance of sexual services, they may agree to pool their earnings and hold all property acquired during the relationship separately, jointly or to be governed by community property laws. They may also agree to pool only part of their earnings and property, form a partnership or joint venture or joint enterprise, or hold property as joint tenants or tenants in common, or agree to any other arrangement.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is the step up basis for joint tenants with right of survivorship?

The step-up basis for joint tenants with right of survivorship means that when one joint tenant dies, the surviving tenant's share of the property receives a new tax basis equal to its fair market value at the date of death. This adjustment can reduce capital gains taxes if the property is later sold. However, only the deceased tenant's share is stepped up; the surviving tenant's original basis remains unchanged. It's important to consult with a tax professional for specific implications based on your situation. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

Does a joint account get a step-up in basis?

A joint account does not automatically receive a step-up in basis like real estate does. For bank accounts or investment accounts held jointly, the basis of the account typically remains the same as it was before the owner's death. However, the surviving account holder may inherit the deceased owner's share, which could have tax implications. It's advisable to consult a tax professional for guidance on specific situations. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What happens when you sever a joint tenancy?

When you sever a joint tenancy, the ownership changes from joint tenants to tenants in common. This means that each owner now holds a distinct share of the property, and the right of survivorship is eliminated. If one owner dies, their share does not automatically pass to the other owner but instead goes to their heirs. Severance can occur through mutual agreement, a deed, or a court order if one party does not consent. It's essential to understand the implications of this change on property rights. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

Does joint tenancy with right of survivorship override a will?

Yes, joint tenancy with right of survivorship generally overrides a will. When one joint tenant dies, their share of the property automatically passes to the surviving joint tenant, regardless of what the will states. This is because the property is owned jointly, and the right of survivorship takes precedence. However, it's important to ensure that this arrangement is clearly documented to avoid disputes. Consulting an attorney can help clarify how your estate plan interacts with joint tenancy. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What are the disadvantages of joint tenancy with right of survivorship?

The disadvantages of joint tenancy with right of survivorship include the loss of control over the property after one owner dies, as the surviving tenant automatically inherits the deceased's share. This arrangement can lead to complications if the surviving tenant wants to sell or if there are disagreements. Additionally, joint tenancy does not provide protection from creditors of one tenant, which could put the property at risk. It's advisable to weigh these factors and consult a legal professional before establishing joint tenancy. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*