Which ownership structure must have equal shares and allows for partitioning in case owners wish to separate interests?

The ownership structure that requires equal shares and permits partitioning if the owners wish to separate their interests is Tenancy in Common. In a Tenancy in Common agreement, multiple individuals can own property together, and each individual holds a distinct share of the property. These shares can be equal or unequal; however, the critical aspect is that unlike Joint Tenancy, the owners can freely transfer their shares without needing consent from the other co-owners.

Moreover, if any co-owner decides they no longer want to be part of the ownership, they can initiate a partition action, which allows for the division of the property. This characteristic makes it an ideal arrangement for individuals who want to invest together while retaining their ability to exit the investment independently.

In contrast, Joint Tenancy involves co-owners having equal shares with a right of survivorship, meaning if one owner dies, their share automatically transfers to the remaining owners, preventing partition actions like those in Tenancy in Common. Tenancy at Will allows possession of property without a fixed term but does not deal with ownership interests specifically. Community Property refers to ownership between spouses and is based on the idea that all property acquired during marriage is jointly owned, without the partitioning aspect found in Tenancy in Common.