What is Tenancy by the Entirety? Tenancy by the Entirety (T by E) is a form of property ownership unique to married couples. Under this arrangement, both spouses hold an undivided interest in the property, meaning each has full rights to use and occupy it. This type of ownership extends to both real and personal property and includes significant asset protection benefits.

Tenancy by the Entirety vs. Joint Tenancy While Tenancy by the Entirety and Joint Tenancy both involve undivided interests in property, they differ in key ways:

• Eligibility: Tenancy by the Entirety is exclusive to married couples, whereas Joint Tenancy can apply to any two or more parties, regardless of their relationship.
• Right of Survivorship: Both forms include the right of survivorship, allowing the surviving spouse or joint tenant to assume full ownership without probate. However, Tenancy by the Entirety provides additional asset protection benefits.

Benefits of Tenancy by the Entirety

1. Right of Survivorship: Upon the death of one spouse, the surviving spouse automatically gains full ownership of the property, bypassing probate and any claims by heirs or creditors.
2. Asset Protection: Property held as Tenancy by the Entirety is protected from the individual creditors of either spouse. Only creditors of both spouses can claim against the property.
3. Undivided Interest: Both spouses have equal rights to use and occupy the property without needing the consent of the other.

Key Considerations

• Indivisibility: Property owned as Tenancy by the Entirety cannot be sold or transferred without the consent of both spouses. This ensures that the property remains intact and fully protected under this ownership form.
• Survivorship: Unlike Joint Tenancy, where a joint tenant can sever their interest at any time, Tenancy by the Entirety requires that any property be automatically transferred to the surviving spouse upon one spouse’s death.

Why Choose Tenancy by the Entirety? Opting for Tenancy by the Entirety offers robust protection for marital property, ensuring that it is safeguarded against the individual debts of either spouse and that it seamlessly transfers to the surviving spouse. This arrangement can prevent complications with probate and competing claims from heirs.

Contact Us for Asset Protection Assistance At Elevate Legal Services LLC, our attorneys can help you establish Tenancy by the Entirety for your home or other personal property. This form of ownership can protect your spouse from probate and safeguard your assets from individual creditors. Reach out to us for expert guidance and support.

Get Started Today For assistance in setting up Tenancy by the Entirety, contact Elevate Legal Services LLC online or call (561) 770-3335. Protect your assets and ensure peace of mind for your loved ones.