1. My 3 sons and I are the joint owners of a property. How should I state my share of ownership?

You should treat the total ownership as 100% and divide it equally amongst the owners. This means each person's share of ownership is 25%.

Please note a property ownership under joint owners (the legal term is "joint tenants") must be in equal shares as illustrated on the above example. While an ownership under co-owners (the legal term is "tenants-in-common") may be in equal or unequal shares. For example, you might own 40% and your 3 sons own 20% each.