Ownership by married persons where each owns the entire estate, with the survivor taking the whole upon the other's death.
Tenancy by the Entirety is a type of property ownership that is recognized in some states in the United States. It is a form of joint ownership that is reserved for married couples, and it provides certain legal protections and benefits.
Under Tenancy by the Entirety, both spouses have an equal and undivided interest in the property. This means that they each own the entire property together, rather than each owning a separate share. In addition, neither spouse can sell or transfer their share of the property without the consent of the other spouse.
One of the key benefits of Tenancy by the Entirety is that it provides protection against creditors. If one spouse has a debt or legal judgment against them, creditors cannot seize the property unless both spouses are responsible for the debt. This protection is not available in other forms of joint ownership, such as Tenancy in Common or Joint Tenancy.
It is important to note that not all states recognize Tenancy by the Entirety, and the laws surrounding this type of ownership can vary between states. If you are considering Tenancy by the Entirety as a form of property ownership, it is recommended that you consult with a legal professional to fully understand your rights and obligations.