What does this mean; Tenancy in Common: Under the Dissolution of Marriage action as set forth in Court, the parties shall become tenants in common and the following real property, in the event of the property is not wholly awarded to one of the parties
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ANSWERS: 4
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If you have been served with a divorce petition, it needs to be answered within thirty days. You need to get an attorney and they will explain all of the language to you.
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Basically it means that if he house is not determined in the divorce to become the property of one person that you are then both owners, jointly. You both own the property, you both are responsible for the mortgage and you both are entitled to live at the location or one of you must pay rent to the other. Basically, it confirms that you both live at the same location and own the location.
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You are both equal owners in the house; if you both agree to sell it, you split any gain equally; if you're upside down on a mortgage, you both split on the payoff.
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"Tenants in Common By contrast, a married couple may also own real estate as tenants in common. With this type of ownership, each spouse owns 50 percent of the property. Upon the death of either spouse, the spouse's share of the property is transferred to his heir, which may be listed in a will. Similarly, this type of ownership allows each owner to sell his share of the property. Either the heir or the buyer would then own half the property as a tenant in common with the remaining spouse." https://pocketsense.com/joint-tenancy-vs-tenants-common-divorce-38912.html
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