Key Takeaways
- Illinois recognizes tenancy in common, joint tenancy, and tenancy by the entirety
- Joint tenancy requires the four unities: time, title, interest, and possession (TTIP)
- Tenancy by the entirety is only available to married couples
- Illinois is NOT a community property state
- Homestead exemption protects up to $15,000 of equity from creditors
Last updated: January 2026
Property Ownership in Illinois
Understanding property ownership forms is essential for Illinois practice.
Co-Ownership Types
Tenancy in Common (TIC)
| Feature | Detail |
|---|---|
| Default | Assumed if not specified |
| Shares | Can be unequal |
| Survivorship | NO right of survivorship |
| Transfer | Can sell/will share |
| Partition | Can force sale |
Joint Tenancy
| Feature | Detail |
|---|---|
| Shares | Must be equal |
| Survivorship | YES—surviving owner inherits |
| Four unities | TTIP required |
| Severance | Can be broken |
| Express creation | Must be stated |
Four Unities (TTIP)
| Unity | Meaning |
|---|---|
| Time | Acquired same time |
| Title | Same deed |
| Interest | Equal shares |
| Possession | Equal right to possess |
Tenancy by the Entirety
| Feature | Detail |
|---|---|
| Who | Married couples only |
| Survivorship | Automatic |
| Creditor protection | Individual debts can't attach |
| Severance | Cannot sever unilaterally |
| Divorce | Converts to TIC |
Illinois Homestead Exemption
Protection Amount
| Category | Amount |
|---|---|
| Standard | $15,000 |
| Agricultural | $15,000 |
| Must be | Principal residence |
What It Protects
| Protected | From |
|---|---|
| Equity | Judgment creditors |
| Home | Forced sale (up to limit) |
| Automatic | Does not need filing |
Exceptions
| Not Protected From | Details |
|---|---|
| Mortgage | Purchase money |
| Property taxes | Tax liens |
| Mechanic's liens | Work on property |
| HOA liens | Association fees |
Separate Property State
| Concept | Illinois Rule |
|---|---|
| Not community property | Equitable distribution |
| Marital property | Divided fairly, not equally |
| Separate property | Stays with original owner |
| Divorce | Court determines fair division |
Life Estates
| Feature | Detail |
|---|---|
| Duration | Life of life tenant |
| Remainder | Goes to remainderman |
| Waste | Life tenant can't damage |
| Sale | Can sell life estate only |
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Test Your Knowledge
What is the Illinois homestead exemption amount?
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Test Your Knowledge
What are the four unities required for joint tenancy?
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