Tenancy by the entirety

From Conservapedia

Jump to: navigation, search

Tenancy by the entirety is a special form of property ownership recognized in some, but not all, states and countries whereby husband and wife own the property as a single legal entity. Each enjoys full rights to the property, and a creditor of only one of them cannot take any action against the property to collect on a debt. Upon the death of one spouse, the other assumes sole ownership of the property automatically.

Tenancy by the entirety is most often recognize for ownership by husband and wife in the family home, but can also be recognized for other assets such as bank accounts.

As of 2007, American states and territories that recognize tenancy by the entirety for at least some types of property, typically by statute, are as follows:

Alabama
Alaska
Arkansas
Colorado
Delaware
District of Columbia
Florida
Georgia
Hawaii
Illinois
Indiana
Kentucky
Maryland
Massachusetts
Michigan
Mississippi
Missouri
New Jersey
New York
North Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
Tennessee
Vermont
Virginia
Virgin Islands
Wyoming

Sources

  • Alan M. Ahart, "The Liability of Property Exempted in Bankruptcy for Pre-Petition Domestic Support Obligations After BAPCPA: Debtors Beware," 81 Am. Bankr. L.J. 233, 239-41 (Summer 2007).
Personal tools