Using Tenancy by the Entirety to Protect Your Assets Millington TN

Tenancy by the entirety is a property issue that is commonly used for married couples and in some cases, legally registered domestic partners. In a few states around the U.S, tenancy by the entirety does offer some solace to people who want to protect their assets.

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Using Tenancy by the Entirety to Protect Your Assets

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Debt Relief Topics- Tenancy by the Entirety

Property ownership is a complicated matter and there are many different things to consider. Tenancy by the entirety is a property issue that is commonly used for married couples and in some cases, legally registered domestic partners. In a few states around the U.S, tenancy by the entirety does offer some solace to people who want to protect their assets. The law gives rights to the entire property to BOTH spouses. If one person files bankruptcy, the home is protected by the other person's name being on the loan. However, if both names are on the bankruptcy, the home is then liquidated as it would be in states without this provision. Tenancy can apply to judgment liens, other types of property, and all other forms of debt except for IRS debts.

States with Tenancy by the Entirety for Real Estate ONLY

Alaska
Illinois
Indiana
Kentucky
Michigan
New York
North Carolina
Oregon

States with Full Tenancy by the Entirety Status:

Alaska
Arkansas
Delaware
District of Columbia
Florida
Hawaii
Maryland
Massachusetts
Mississippi
Missouri
New Jersey
Oklahoma
Pennsylvania
Rhode Island
Tennessee
Vermont
Virginia
Wyoming

However, there are some disadvantages to tenancy by the entirety. For instance, a spouse with a large accumulation of personal debt inherits property by means of tenancy by the entirety. That inherited property may be subject to debt collection. It may offer less protection to vest the property in this manner if one member of the marriage has extensive personal debt, particularly if it is certain that the non-indebted spouse will not outlive the indebted spouse. An alternative method for protecting property in circumstances such as this may be done granting use, but not ownership, of the property by way of a trust agreement.

 

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