If two or more people own an asset together, the asset is known as joint property. There are several different types of joint assets, including Tenants in Common (TIC), As Tenants by Entirety (ATBE), Joint Tenants with Rights of Survivorship (JTWROS) and Community Property (Comm Prop).

Tenants in Common (TIC) A form of joint ownership whereby each owner holds an individual interest in property. The interest does not terminate at death, but passes to a deceased owner's estate.

As Tenants by Entirety (ATBE) This designation is only recognized in a limited number of states and is only allowed for married couples. Upon the death of one of the spouses, the surviving spouse is entitled to the assets. ATBE may provide some protection in the event of a liability lawsuit against one of the spouses.

Joint Tenants with Rights of Survivorship (JTWROS) Means that upon the death of one of the joint owners, the remaining person or persons are entitled to the assets.

Community Property (COMM) Certain states recognize assets as "community property" between married persons. In general, these laws dictate that any property acquired after marriage is the common property of both husband and wife. The distribution of the assets upon the death of one spouse varies according to each state's laws.