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