![]() This means, for example, that an unmarried couple that takes title to real estate will either hold title as tenants in common or joint tenancy with right of survivorship, depending on how the deed to the property is worded. You may not hold property as tenants by the entirety with anyone other than your spouse. Effect of Other Owners on Tenancy by the Entirety But if the spouses intend for the property to pass to the surviving spouse, tenancy by the entirety is usually the preferred choice over joint tenancy with right of survivorship. In that case, the spouses may choose to hold title as tenants in common instead of tenancy by the entirety. This could be the case if one or both spouses have children that are not children of the other spouse and want those children to inherit their parent’s interest in the property. The most common exception is when the spouses do not intend for the property to pass to the surviving spouse upon the first spouse’s death. And, as mentioned above, tenancy by the entirety also provides extra spousal protection by requiring the involvement of both spouses to deal with the property.īecause tenancy by the entirety avoids probate and provides protections not provided by other forms of ownership, it is usually the best choice for married couples who purchase Florida real estate. This protection provides broad asset protection benefits and applies to debts other than federal tax liens. Only tenancy by the entirety provides creditor protection. The transfer occurs automatically, without the need for Florida probate.Ĭreditor protection is also a significant factor when choosing the form of co-ownership. In contrast, property held as either joint tenants with right of survivorship or tenancy by the entirety will pass to the surviving owner upon a deceased owner’s death. Instead, the deceased owner’s interest will pass to his or her estate to be distributed under his or her will or, if there is no will, under Florida intestacy law. Property held as tenants in common does not pass to the surviving owner upon the death of an owner. When choosing a form of co-ownership for multiple owners, it is important to first determine whether you want the property to pass to the surviving owner upon the death of one of the owners. Tenancy by the entirety is only available to married couples. The first two-joint tenants with right of survivorship and tenants in common-are available to anyone, regardless of marital status. There are three ways that multiple owners can hold title to Florida real estate: tenants in common, joint tenants with right of survivorship, and tenancy by the entirety. Comparison of Tenancy in Common to Other Forms of Ownership These benefits make tenancy by the entirety the most popular form of co-ownership of Florida real estate by a married couple. Creditors cannot look to tenancy by the entirety property to satisfy a judgment against one spouse. If one spouse ends up with a lawsuit judgment, property owned as tenancy by the entirety is protected.
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