Use tenancy to take title Aug 25, 2008
Answer: Consider a third way that might provide better creditor protections: tenancy by the entirety ... The key difference between joint tenancy and tenancy by the entirety is if you own property as tenants by the entirety, both spouses must agree before the property becomes subject to one spouse's creditors ... So, as long as you and your spouse stay married, and you own the property, tenancy by the entirety protects each of your interests. (AZCentral -- Business)
The law overrides a father's intentions Jun 10, 2008
Where there is "conveyance by tenancy by the entirety," the result can be changed if the husband and wife divorce but otherwise can't be unilaterally changed by one spouse. But without divorce, both spouses may participate in changing the ownership status, meaning that if both spouses agree, a transfer to either spouse can take place. (Pittsburgh Post-Gazette, PA)
Buy or sell, real estate lingo worth learning Dec 29, 2007
Tenancy by the entirety: This allows a husband and wife equal rights of ownership, so that when one party dies, the entire property goes to the surviving spouse. Tenancy in common: This gives unmarried individuals an undivided interest in a property; however if one party dies, ownership of that portion goes to the heirs and not necessarily the other owners. (Anchorage Daily News)
Ask George & Chuck: Questions from Consumers Nov 14, 2006
Married couples also can use this form of co-ownership, but more often choose joint tenancy or tenancy by the entirety. Joint Tenancy with Right of Survivorship: Any two (or more) people can own property-typically real estate or a bank account-in joint tenancy with rights of survivorship. (RealtyTimes)
Mutual Funds &Personal Finance Oct 7, 2006
Some states also allow married couples to hold property in a form of ownership called tenancy by the entirety. Succession rules are the same as above. (Investors Business Daily)
Preparing for richer or poorer Aug 11, 2006
Similarly, if either you or your spouse already owned a home before marrying, you'll want to add your spouse's name to the title, making it a joint tenancy with right of survivorship or tenancy by the entirety. That way, if something should happen, the property would automatically pass to your spouse without the hassle of probate court, which settles estates, and often is time-consuming and expensive. (Sun-Sentinel.com)
Secure Your Wealth Where Others Can't Take It Jul 18, 2006
In some states, married couples can title their property in a special way called "tenancy by the entirety," which can make it tough to reach for a creditor of one spouse. More details about your state's laws are available. (Realtor Magazine Online)
