tenancy by the entireties

tenancy by the entireties

An estate in land allowed in some states and available only to husbands and wives. Each owns an undivided interest in the whole. When one dies, the survivor takes everything. Unlike a joint tenancy, however, a tenancy by the entireties cannot be destroyed and converted into a tenancy in common when one person attempts to sell his or her interest to an outsider. In addition, creditors of just one spouse may not execute on that interest. Any disposition or mortgage of the property requires both signatures to be valid.(In most states,even most judges may not divide the property or order it to be sold.)

Tenancy by the Entireties

A tenancy by the entirties is a form of joint ownership that can be used only by a husband and wife. When one spouse dies, the other automatically becomes the owner of the entire property. Also see "Joint Tenancy" and "Tenancy in Common."
References in periodicals archive ?
Because married women could own property in their individual name, the original reason for the development of tenancy by the entireties, that the wife lacked capacity to hold title, no longer existed.
20) Part III considers the threshold issues of how and when a debtor receives the benefit of homestead to decide whether married debtors exempting a residence under the law of tenancy by the entireties may also claim the $4,000 wildcard exemption.
Estate taxes were not apportioned to property passing to a surviving spouse under tenancy by the entireties.
Begin with the checking and savings accounts (although a joint bank account and, in some states, real estate owned jointly or by tenancy by the entireties are two major items that pass outside a will); certificates of deposit; stocks and bonds; money market and mutual funds; the face value of group and personal life-insurance policies; IRA and Keogh plans; interests in thrift accounts at work.
A Florida Bar Journal article, "Are Florida Laws on Tenancy by the Entireties in Personalty as Clear as We Think?
925 M Savings Compared to Tenancy by the Entireties $1.
075(5)(a)(5) presumed a gift was established when a tenancy by the entireties was created as regards to real property, the statute created no such presumption in so far as personal property was concerned.
In an unusual ruling, the district court allowed the IRS to seize an interest in one half of the proceeds from the sale of tenancy by the entireties property.
This would result in a large additional amount of tenancy by the entireties problems that the proposed statute could not remedy.
Florida courts have long recognized that marital bank accounts may be held in a tenancy by the entireties (TBE).
sections] 2518 regarding disclaimers of tenancy by the entireties property.