What is a Owelty Lien?
What is a Owelty Lien?
An owelty lien is a special type of lien reserved to a spouse in a divorce. Basically, it is a lien on the entirety of real property which was jointly owned by a husband and wife. Upon divorce, one spouse receives fee simple title to such real property subject to an owelty lien given to the other spouse.
What does Owelty of partition mean?
A sum of money that one co-tenant of real property is required by a written agreement or court order to pay to the other co-tenants to achieve an equitable division of property when an actual partition of the property would: Be impossible because land often cannot be divided into equal shares.
What is a marital lien?
The Divorce Encyclopedia Lien; Spousal Lien on Marital Property. Term Definition Lien; Spousal Lien on Marital Property – an encumbrance placed upon property owned by a judgment debtor which prevents the sale, transfer of title, or refinancing of the property until the debt is paid.
Can a lien be placed on jointly owned property?
A lien can be placed on investment property, even if that property is owned jointly by multiple owners. However, the effects of that lien may depend heavily on not only the type of lien, but also the type of ownership under which the joint owners hold the property.
