Tax consultants often advise couples to take a joint loan to buy a property so that both spouses can avail of the tax benefits on the loan. It's also common for siblings to pool in resources to purchase a property they could not have bought on their own. In both circumstances, the joint-ownership translates into benefits for the owners.
But joint-ownership of property is a double edged sword. It can lead to legal and financial complications if the co-owners decide to split. Unlike a financial asset, it is not easy to split a built up property in a way that it satisfies all the affected parties. If the property is mortgaged, it adds another twist in the tale.
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