What Does Tenancy By The Entirety Mean?
I recently had a potential client ask me what "tenancy by the entirety" means. The answer is pretty simple. In Florida, if you own property jointly with rights of survivorship with your spouse, then you own it as tenancy by the entirety. There are several important points in the previous sentence.
First, I said "in Florida". Not every state allows tenancy by the entirety. Ohio, for instance, does not. Next, I said "jointly with rights of survivorship". You can own something as tenants in common with your spouse and own it as tenancy by the entirety. Finally and most importantly, I said "spouse." You must be married to own something as tenancy by the entirety. If you get divorced, then the tenancy by the entirety goes away.
Why is tenancy by the entirety so important? In Florida, it is important because if you are sued for anything but your spouse is not, then any asset owned as tenancy by the entirety cannot be taken from you because of the innocent spouse rule. Florida has decided that an asset cannot be taken from an innocent spouse. Maybe that is why so many Ohioans move to Florida?
For more information on tenancy by the entirety ownership, please contact our estate planning attorney at Wood, Atter & Wolf, P.A. located in Jacksonville and Ponte Vedra Beach, FL.
