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C H A P T E R 16
SHAREWITH CARE!
Learning Goals By the end of this chapter you will be able to: • List common types of joint ownership • Contrast the key features of joint tenancy and tenancy in common • Describe risks of a joint tenancy relationship • Compare co-borrowing, cosigning, and guaranteeing a debt • Describe three risks of joint indebtedness • Complete a couple’s financial compatibility survey • ( Opt.) Create a Share with
PRODUCT PREVIEW
F amily. Friends. Boyfriends. Girlfriends. Brothers. Sisters. We love to share with the people we love! Sharing makes life more fun. Sharing deepens relationships. But sharing life’s experiences and joys is one thing. Sharing ownership of assets and joint indebtedness is quite another. Those relationships can sometimes be financially beneficial, but they can also pose a serious risk to your wealth and financial stability. Like marriage, co-ownership and joint credit are relationships not to be entered into lightly. Have you ever shared ownership of something? What do you like a about sharing ownership? What do you dislike? What, in your opinion, is the key element to successfully sharing ownership of something with another person? This chapter continues with the theme of preserving and protecting wealth. Let’s explore some of the perils and pitfalls of co-ownership and joint credit, and how to share with care!
Care! presentation through emaze.com warning about the potential pitfalls of co- ownership and joint credit relationships
Chapter Resources: Nolo.com is a commercial legal site, but it’s an excellent resource for free articles, forms and information about all kinds of legal issues and co-ownership arrangements. www.nolo.com/legal-encyclopedia/basics-of-sharing- 30012.html
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