Tenancy by the Entirety

Are you married and own property together?  

Rights of survivorship allows the automatic absorption of property if one spouse passes away.  If one tenant dies, their interest immediately ceases to exist and the remaining spouse now owns the entire property.  Joint tenancy has the advantage of avoiding probate on the property or properties held jointly while married.  The disadvantage is creditors can attach one tenant's property to satisfy the other's debt. 

In Florida we have Tenancy by the Entirety. This is a method by which couples hold the title to a property.  If one spouse wants to modify their interest in the property, both spouses must consent. With tenancy by the entirety you are also protected against creditors if your spouse passes away. Creditors may place a lien on the property, but if the debtor dies before the other spouse, the surviving spouse takes ownership of the property clear of debt. 

For tenancy by the entirety to be valid, both husband and wife are required to sign the mortgage on the property for the mortgage to be valid.  

Subsequently, unmarried couples who buy a property together and end up marrying each other should check if they can re-title the deed as tenants by the entirety to receive these protections. 

For more questions on owning a property or multiple properties as a married couple, or if you need to re-title a deed, please call us to set up an appointment today.  941-256-3965