Joint ownership of property is rapidly gaining momentum among couples, driven by the increasing economic empowerment of women.
Traditionally, women in relationships preferred having property registered in their partner’s name, despite contributing financially towards the purchase.
Fast forward today, the trend is shifting as more informed and empowered women insist on being registered as co-owners of homes, plots or any other property they have helped acquire.
A majority of property lawyers in Nairobi agree that joint ownership is becoming a common choice among spouses investing in the lucrative real estate market.
Many couples who embrace this model of ownership cite a desire to avoid succession battles in court upon the death of one partner.
Some plot owners also say that frequent media reports of inheritance disputes—where relatives scramble for a deceased person’s property—have compelled them to seek more secure arrangements.
This model of ownership is also gaining popularity among chamas (merry-go-round savings groups), owing to the multiple advantages it offers.
For instance, joint ownership guarantees the right of survivorship—meaning that upon the death of any co-owner, the surviving owner(s) automatically become the legal owners.
This right offers several benefits, such as avoiding disputes over ownership after the death of a co-investor; the surviving partner seamlessly assumes full control of the property.
Joint ownership also offers protection from unsecured creditors. If the deceased partner had outstanding unsecured debts, creditors cannot lay claim to the jointly owned property. However, if the surviving partner is the debtor, creditors may access the entire property.
This mode of ownership is also favoured by private developers who pool resources to purchase land and develop commercial or residential buildings.
Couples who opt for joint ownership may also qualify for larger loans, as their combined incomes improve their borrowing eligibility.
Joint ownership also simplifies the pledging of property as collateral for future loans, since any registered co-owner may use the property as security.
It facilitates smoother transfer of property between spouses, including the ability to nominate children as future beneficiaries. Moreover, both husband and wife hold equal rights to the property, ensuring that their individual interests are protected.
Ayodo is an Advocate of the High Court of Kenya