Joint ownership refers to a situation where two or more people share ownership of a property or asset. This means that each owner has a legal right to the entire property, not just a specific portion. For example, if Alice and Bob buy a house together, they both have equal rights to live in it and make decisions about it, regardless of who contributed more money. There are different types of joint ownership, such as joint tenancy and tenancy in common. In joint tenancy, if one owner passes away, their share automatically goes to the surviving owner. In tenancy in common, each owner can pass their share to someone else, which can lead to more complex arrangements.