If you and your spouse have joint ownership of the property—meaning both of your names are on the title—you each own a half-interest in the property. Your freedom to give away or leave that half-interest depends on how you and your spouse share ownership.

Property, like real estate, belongs to both spouses only if the title or deed is in the names of both spouses. With both names on the title, each owns a one-half interest or 50% interest unless otherwise specified. This can get more complicated for personal property or accounts, like pensions, retirement accounts, or credit cards.

The matrimonial status of joint ownership of assets is when the two parties are husband and wife. Joint owned property may be held in one of several legal forms, including joint tenancy, tenancy by the entirety, community property, or in a trust.

Under such joint ownership, a husband and wife share equal ownership of the property and have the equal undivided right to keep or dispose of the property. When one partner dies, the other receives all of the property they own jointly. But while they are both alive, the powers exercisable on such property must be exercised jointly by both parties.