Bankrate's financial glossary
Did you run across an unfamiliar term when applying for a mortgage, credit card
or auto loan? Find the meaning here, along with definitions of other financial words
and phrases, in Bankrate.com's financial glossary.
Ownership by two people (usually spouses) in which each person owns an undivided interest in the entire property. When one joint tenant dies, the other has title to the entire property.
A home loan than is subordinate to the primary loan, or first mortgage.
A bank account owned by two or more persons who share equally in the rights and liabilities of the account.
One bankruptcy petition filed by a husband and wife together.
Issued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt.
A tax return filed by a married couple using the Married Filing Jointly status that combines the income and deductions of both spouses on the same tax return.
Joint Return Test
One of the five tests a person must pass to qualify as your dependent. To meet this test, the person must not file a joint tax return with his or her spouse for the tax year in which you claim the person as a dependent. This test does not apply if the person is not required to file a return, files only to receive a refund and would have no tax liability for either spouse if they filed separate returns.
A decision from a judge on a civil action or lawsuit; usually an amount of money a person is required to pay to satisfy a debt or as a penalty.