Tenancy by the Entirety

Tenancy by the entirety is a form of joint property ownership available only to married couples, featuring equal rights of possession and enjoyment along with the right of survivorship, meaning the property automatically passes to the surviving spouse upon the death of the other.
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Definition

Tenancy by the entirety is a form of joint ownership of property that is available exclusively to married couples. Both spouses have an equal and undivided interest in the property, with rights of possession and enjoyment during their joint lives. One significant feature of this type of tenancy is the right of survivorship, which means that when one spouse dies, the surviving spouse automatically acquires full ownership of the property.

Examples

  1. Example 1: John and Jane, a married couple, decide to purchase a house. They take title to the home as tenants by the entirety. Upon John’s death, the house automatically becomes Jane’s sole property without the need for probate.

  2. Example 2: Mark and Lisa own a piece of farmland as tenants by the entirety. If Mark were to pass away, Lisa would automatically become the sole owner of the farm.

Frequently Asked Questions

What states recognize tenancy by the entirety?

Tenancy by the entirety is recognized in various states; however, specifics may differ. Common states recognizing it include Florida, New York, and Tennessee.

Can tenancy by the entirety be converted to another form of ownership?

Yes, a tenancy by the entirety can be converted to another form of ownership. This typically requires the agreement of both spouses and may involve executing a new deed.

Does tenancy by the entirety provide protection from creditors?

Yes, in many states, property held as tenancy by the entirety is protected from the creditors of one spouse. Creditors can only place a claim on the property if both spouses are jointly indebted.

What happens in cases of divorce?

In the event of a divorce, tenancy by the entirety is typically converted to a tenancy in common, thereby eliminating the right of survivorship and giving each party a divisible interest in the property.

  • Joint Tenancy: A type of property ownership where two or more persons own the property together with equal shares and the right of survivorship.
  • Tenancy in Common: A form of concurrent property ownership in which each owner possesses a distinct, transferable interest that doesn’t include the right of survivorship.
  • Community Property: A form of ownership in some states where all property acquired during a marriage is owned equally by both spouses.
  • Survivorship Rights: The automatic passage of property to the surviving co-owner(s) upon the death of a co-owner.
  • Probate: The legal process through which a deceased person’s will is validated and their estate is distributed.

Online References to Online Resources

Suggested Books for Further Studies

  • Property by Jesse Dukeminier and James E. Krier
  • The Essentials of Real Estate Law by Lynn T. Slossberg
  • Real Estate Law by Marianne M. Jennings

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