What type of ownership provides rights of survivorship and is common among spouses in many states?

The type of ownership that provides rights of survivorship and is commonly found among spouses in many states is known as Joint Tenancy. This form of ownership allows two or more individuals to hold title to the same property together, with the key feature being the right of survivorship. This means that if one owner passes away, their share automatically transfers to the surviving owner(s), rather than being passed on to heirs or through probate.

Joint Tenancy is often preferred for married couples because it ensures that the surviving spouse will inherit the entire property without the need for going through probate, which can be a lengthy and complicated process. This aspect not only simplifies the transfer of property upon death but also provides a level of financial security and peace of mind to the owners involved.

In contrast, Tenancy in Common does not provide rights of survivorship, as each owner's share of the property can be passed to their heirs upon death. Community Property relates to the ownership of property acquired during a marriage but varies significantly in different jurisdictions and does not necessarily include rights of survivorship. A Condominium, while a form of ownership for multiple units in a building, does not inherently include rights of survivorship unless specifically structured that way.