Tenancy by the entirety is a type of shared ownership of property recognized in most states, available only to married couples. Much like in a joint tenancy, a husband and wife who own property as tenants by the entirety each own an undivided interest in the property, each have full rights to occupy and use it and have a right of survivorship. Tenants by the entirety also cannot transfer their interest in the property without the consent of the other spouse.
Definition from Nolo’s Plain-English Law Dictionary
A special kind of ownership that's similar to joint tenancy but is only for married couples and, in a few states, same-sex couples who have registered with the state. It is available in about half the states. Both spouses have the right to enjoy the entire property. Neither one can unilaterally end the tenancy, and creditors of one spouse cannot force a sale of the property to collect on a debt. When one dies, the survivor automatically gets title to the entire property without a probate court proceeding. Also called "tenancy by the entireties." Compare: joint tenancy
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:25 pm