Question 1

What is tenancy by the entireties in Florida?

Accepted Answer

Tenancy by the entireties (TBE) is a form of property ownership available only to married couples. In Florida: TBE is presumed for all property acquired by married couples (both real and personal property; Beal Bank v. Almand, 780 So. 2d 45 (Fla. 2001)). Key features: right of survivorship (when one spouse dies: the surviving spouse automatically owns the entire property), creditor protection (a creditor of one spouse cannot reach TBE property; only creditors of both spouses jointly can reach it), unity of possession (both spouses have equal right to possess and use the property), and undivided interest (neither spouse can unilaterally transfer or encumber their interest).

Question 2

How does tenancy by the entireties protect assets in Florida?

Accepted Answer

Asset protection: the most significant benefit. A creditor of one spouse: cannot force a sale of TBE property, cannot place a lien on the property (the lien does not attach to TBE property), and cannot garnish TBE bank accounts. Only a joint creditor (a creditor of both spouses) can reach TBE property. This protection: extends to real property, personal property (bank accounts, investment accounts), and even motor vehicles. Exception: federal tax liens (the IRS can reach TBE property under certain circumstances; United States v. Craft, 535 U.S. 274 (2002)).

Question 3

When does tenancy by the entireties end in Florida?

Accepted Answer

Termination: divorce (TBE automatically converts to tenancy in common upon dissolution of marriage), death of one spouse (the surviving spouse takes full ownership by right of survivorship), mutual agreement (both spouses agree to sell, partition, or transfer the property), and bankruptcy (in some cases: TBE property may lose its protection in bankruptcy proceedings). Upon divorce: the property is divided as part of the equitable distribution process (Chapter 61). The parties can also agree: to convert TBE to another form of ownership during the marriage.

Tenancy by the Entireties

Tenancy by the Entireties in Florida

Key Features

Asset Protection

Termination

Related Terms

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