What is a joint

Joint is a legal term describing a transaction or agreement where two or more parties act in unison.


In addition to referring to the accounts or the ownership of real estate, the term attached can also refer to liabilities. Joint and several liability exists in situations where two or more people share the burden of a debt. For example, if a husband and a wife have joint responsibility for a debt, each is responsible for the total amount of the debt. On the other hand, several responsibilities would limit liability to the respective obligations of each.

Examples of seals

Attached, as a term, can be used in a variety of situations, including:

  • joint accounts, where two or more parties share the same account, such as a bank or brokerage account. In this case, the law treats both parties as equal owners, regardless of who opened the account or who contributes more money. Co-owners can spend or transfer funds to other accounts without the consent of the other account holder. Most joint accounts have survivorship rights, which means that if one account holder dies, the other will automatically retain rights to the account funds.

  • condominiums, where two or more parties share equal ownership in a property with the same deed at the same time. This type of property title is most common between husbands and wives and among family members, as there are rights of survivorship, similar to joint accounts. This differs from a joint tenancy, where tenants can have different shares of property, which can be obtained at different times.

  • joint annuities, such as joint and survivor annuities, insurance products that continue to receive regular payments as long as one of the annuitants is alive. A joint survivor pension must have at least two annuitants. This is generally a good choice for married couples who want to ensure that in the event of death, the surviving spouse receives regular income for life, although monthly payments are usually reduced by a third or a half. for the surviving annuitant.
  • joint ventures, where two non-affiliated companies contribute financial and / or physical assets, as well as staff, to a new company. Although joint ventures are generally considered to be partnerships, they can take any legal structure. Companies, partnerships, limited liability companies (LLC) and other business entities may all be involved in joint ventures, the agreements of which take into account: the number of parties involved, the extent to which the joint venture will operate, the terms of each the role and contribution of the party, the distribution of ownership and the manner in which the joint ventures will be administered, managed and staffed.

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