Using Tenancy by the Entirety to Protect Your Assets West Memphis AR

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.

William Lynn Bomar
(901) 576-1712
1 COMMERCE SQ STE 1700
MEMPHIS, TN
Specialties
Litigation, Health Care, Medical Malpractice, Insurance, Business
Education
University of Memphis - Cecil C. Humphreys School of Law ,Vanderbilt University
State Licensing
Tennessee

Craig Creighton Conley
(901) 577-2290
165 MADISON AVE STE 2000
MEMPHIS, TN
Specialties
Health Care, Litigation, Appeals, Employment, Business
Education
University of Memphis - Cecil C. Humphreys School of Law,University of Tennessee, Knoxville (main)
State Licensing
Tennessee

Robert Caldwell Starnes
(901) 576-1883
1 COMMERCE SQ STE 1700
MEMPHIS, TN
Specialties
Corporate, Business, Mergers & Acquisitions
Education
New York University School of Law ,University of Mississippi School of Law ,University of Mississipp
State Licensing
Tennessee

Eric Joseph Loumeau
(901) 543-5905
100 Peabody Place, Suite 900
Memphis, TN
Specialties
Corporate, Mergers & Acquisitions, Financial Markets And Services, Real Estate, Securities Offerings
Education
University of California at Berkeley, Boalt Hall School of Law,Brigham Young University
State Licensing
California

William Terrence Mays Jr
(301) 576-1884
1 COMMERCE SQ STE 1700
MEMPHIS, TN
Specialties
Tax, Business, Corporate, Estate Planning, Probate
Education
New York University School of Law ,Vanderbilt University Law School ,University of Mississippi at Ox
State Licensing
Tennessee

Robert Grattan Brown Jr
(901) 576-1724
1 COMMERCE SQ STE 1700
MEMPHIS, TN
Specialties
Corporate, Banking
Education
Vanderbilt University Law School ,Vanderbilt University
State Licensing
Tennessee

Catherine Morrison Harris
(901) 543-5923
100 PEABODY PL STE 900
MEMPHIS, TN
Specialties
Corporate, Securities Offerings
Education
University of Georgia School of Law,University of Georgia
State Licensing
Tennessee

Stephen Dorr Goodwin
(901) 577-2141
165 MADISON AVE
MEMPHIS, TN
Specialties
Employment, Business, Appeals, Litigation
Education
Vanderbilt University Law School,Southern Methodist University
State Licensing
Tennessee

Laurel Comstock Williams
(901) 524-5182
130 N COURT AVE
MEMPHIS, TN
Specialties
Mergers & Acquisitions, Securities Offerings, Banking, Corporate, Real Estate
Education
Vanderbilt University Law School,Christian Brothers University
State Licensing
Tennessee

Richard Mathew Brinner
(901) 576-1743
1 COMMERCE SQ STE 1700
MEMPHIS, TN
Specialties
Real Estate, Banking, Bankruptcy, Corporate, Estate Planning
Education
University of Memphis - Cecil C. Humphreys School of Law ,University of Tennessee
State Licensing
Tennessee

Using Tenancy by the Entirety to Protect Your Assets

Provided By: 

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.

 

Click here to read more from Epic Debt Relief

© 1996-2010

Contemporary Media
460 Tennessee Street, 2nd Floor | Memphis, TN 38103
Visit our other sites: Memphis Magazine | Memphis Parent | Memphis Business Quarterly
Powered by Foundation