How to title property with joint purchase

[Dave Ketcham]

Looking a for a little help -- my wife and I are purchasing a property 50% / 50% with my parents, and we have also have a joint loan on the property. On title, what is the best way to reflect this? Should we do it as follows?

"John Doe and Jane Doe 50%, and Jack Smith and Jane Smith 50%, Tenants in Common"?

The property is in Missouri.

Thanks!