Right of Survivorship This is a special type of joint tenancy which can exist only between husband and wife, and is the form of ownership most commonly used by married couples in Virginia. The same survivorship principles apply as in the joint tenancy with the right of survivorship, and both spouses must of course concur in any disposition of the property so long as both spouses remain alive. The important difference between this and all other forms of ownership is that the property will not be subject to creditors' claims unless both husband and wife are jointly responsible for the debt. If you are obtaining a commercial loan, your lender will usually require this type of ownership. This website provides general information only.
Laws develop over time and differ from state to state.
This website does not provide legal advice about specific legal problems. Let The Law Firm of Evan H. Farr, P.C. advise you about your particular situation.