Tenancy by the entirety is a form of property ownership recognized in some jurisdictions, available exclusively to legally married couples. It provides that each spouse owns the property entirely and indivisibly. This means that neither spouse can transfer their interest in the property without the consent of the other, and creditors of one spouse generally cannot attach the property to satisfy a debt of that individual spouse. For example, if a husband has outstanding debt, a property held as tenants by the entirety is often protected from creditors seeking to seize his share.
The primary importance of this form of ownership lies in its creditor protection benefits and the right of survivorship. Upon the death of one spouse, the surviving spouse automatically inherits the entire property, bypassing probate. This can offer significant advantages in estate planning and asset protection, shielding assets from potential legal claims and streamlining the transfer of wealth to the surviving spouse. Historically, this form of ownership was created to protect family assets, particularly the marital home, from the debts of one spouse.
