Tenants By
What Is Tenants By Entireties Ownership?
Most married persons own property as joint tenants with rights of survivorship. Upon the death of one spouse, ownership is vested by operation of law in the surviving spouse. Many married people incorrectly believe that their jointly owned property is protected from their creditors. Joint ownership with rights of survivorship offers no asset protection. A creditor of either spouse may seize the interest the debtor spouse holds in joint tenant property.
Unlike joint ownership with rights of survivorship, “tenants by the entireties” ownership affords excellent asset protection benefits. Tenants by the entireties is a special form of joint tenancy ownership which is available only to married persons.
Some states have statutes that define and protect tenants by the entireties property. In Florida, tenants by the entireties protection has been established by judicial decisions interpreting common law. Under Florida judicial law, in order to qualify as tenants by entireties property, the property in question must have certain characteristics:
■ joint ownership and control,
■ identical interest in the property,
■ the interest must have originated in the same instrument,
■ the interest must have commenced simultaneously,
■ the parties must have been married at the time they acquired the property, and
■ the surviving spouse will own the property after either spouse dies.
Jon Alper, Attorney at Law, can be reached at
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