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Tenancy by the Entirety
Barrister Amna (Alevels Academy Islamabad)
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9/4/2024
A Levels Academy Islamabad
Category
🦄
Creativity
Transcript
Display full video transcript
00:00
As a married couple, there are many things you share.
00:03
Home, car, income, sometimes toothbrush.
00:07
Property can also be shared,
00:09
a shared investment that is, in the eyes of the law.
00:13
And as a married couple in the eyes of the law,
00:15
you can be considered as one single investor,
00:18
sharing equal ownership of a piece of real estate.
00:21
This is called tenancy by the entirety,
00:24
or tenancy by the entireties in legalese.
00:29
Each person in this shared ownership
00:30
is called a tenant by the entirety.
00:33
Even though it uses the word tenancy,
00:35
it has nothing to do with renting property from a landlord.
00:39
Here, tenancy means being an owner.
00:42
Tenancy by the entirety only applies
00:44
to couples who are married to each other.
00:46
In Florida, however, tenancy by the entirety
00:49
deals not only with real estate,
00:51
but anything that can be defined as property.
00:53
In fact, even joint bank accounts
00:55
belonging to a husband and wife
00:56
are automatically considered tenancy by the entirety,
00:59
unless specified in writing that it isn't.
01:03
Tenancy by the entirety potentially affects
01:05
a number of different legal issues,
01:07
not least ways when it comes to issues of probate.
01:10
Probate court has to do with wills
01:12
and assets belonging to the deceased.
01:15
For property owned through tenancy by entirety,
01:18
the surviving spouse automatically gains full control
01:21
of a deceased spouse's share.
01:24
Getting back to the business of living, however,
01:27
we also see that tenancy through entirety
01:28
prevents one spouse from selling the property,
01:31
such as real estate, without a signature from the other.
01:34
Now, if a creditor sues just one of the spouses
01:37
and attempts to reclaim debt,
01:39
anything owned through tenancy by entirety
01:42
is off-limits to collection.
01:45
There are some additional requirements
01:46
for a property to be considered tenancy by entirety,
01:49
outside of just being married.
01:51
One, the couple must have already been married
01:54
when the property was acquired,
01:55
and the mutual interest in the property
01:57
must have taken place at the same time.
02:00
Basically, tenancy by entirety
02:02
is a shared venture all the way through.
02:04
It never hurts to know what exactly you're in store for.
02:07
That's where LegalYou comes in,
02:09
as a legal knowledge reserve free for the pickings.
02:13
LegalYou, you can do this.
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