Tenancy by Entirety

Tenancy by Entirety is a form of ownership for married couples that provide essential asset protection for the marital residence.
There are specific requirements for a property deed to be held in Tenancy by Entirety:

For Married Couples

Tenancy by Entirety is a specific form of holding legal title to married couples' residential property. The property must be the principal place of residence, the spouse must reside in the real estate, and the non-debtor spouse must not be jointly responsible for the debt. Each spouse legally has equal rights to ownership of the property in question.*

Home Asset Protection

Creditors against one spouse cannot enforce a lien on the property. Tenancy by the Entirety is recognized by Illinois, Florida, and 23 other states in the United States. Each state has its own laws relating to this type of ownership and how the protections apply.*

Advantage

There is no division of title that separates the property between the spouses. The spouses share equal control and use of the entire property. Tenancy by Entirety is considered a 'right of survivorship'; when one spouse dies, the deceased spouse's share in the property is transferred immediately by operation of law to the surviving spouse.*

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* Disclaimer Info: The information on this website is for general information purposes only. Nothing on this site should be taken as legal or professional advice for any individual case or situation. Would you please not act or refrain from acting based on anything you read on this site? You should consult a family attorney or one recommended by your union lodge for legal advice and legal services. Complete CBA Disclaimers

 

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