Severance of Tenancy – Protecting Your Share of the Property

When two or more people own a property jointly, it is common for them to hold it as either joint tenants or tenants in common. 

Severing the tenancy is a crucial step that allows each party to clearly define their individual share in the property. This process, known as the severance of tenancy, can provide peace of mind and legal protection, particularly for couples, in case of relationship breakdown, inheritance matters, or future financial planning.

In the case of joint tenancy, ownership is shared equally, with the right of survivorship meaning that when one owner passes away, the surviving owner automatically inherits the deceased's share. By severing the tenancy and converting the ownership to tenants in common, each party retains a distinct, shareable interest in the property, which can be passed on according to their wishes—whether in a will or through other estate planning methods.

For couples, severing the tenancy can safeguard your financial and property interests. It ensures that, in the event of a separation or death, you can protect your share of the property and ensure that it is distributed according to your intentions. This is especially important if you want to prevent your share from automatically passing to your partner or if you wish to leave it to someone else, such as children or other relatives.

At Laurel Oaks, we guide clients through the severance of tenancy process, providing clear, professional advice tailored to your circumstances. Whether you are looking to protect your financial interests or need to make provisions for future generations, our estate planning experts can help you navigate this essential step.