Property Ownership
A Washington couple is divorcing and must decide how to handle their jointly owned home. Which of the following is a common outcome in divorce proceedings?
AThe home always goes to the spouse with custody of children
BThe court may order the home sold and proceeds divided, or one spouse may buy out the other's interest✓ Correct
CThe home is automatically transferred to the spouse who contributed more to the down payment
DWashington courts require all marital homes to be sold
Explanation
In a divorce, the court has several options for handling the family home: ordering it sold with proceeds divided, granting one spouse the right to buy out the other, or awarding the home to one spouse as part of a broader property settlement.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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