Common use of JOINT PROPERTY Clause in Contracts

JOINT PROPERTY. The parties agree that all property, whether real or personal, acquired by either of them after the marriage ceremony using joint funds, shall be owned by the parties as tenants in common, including all rents, issues, profits, and proceeds of the property, with each owning a one-half undivided interest.

JOINT PROPERTY. The parties agree that all property, whether real or personal, acquired by either of them after the marriage ceremony using joint funds, shall be owned by the parties as joint tenants with full rights of survivorship, and not as tenants in common, including all rents, issues, profits, and proceeds of the property, with each owning a one-half undivided interest.