Tenants By the Entirety
Definition - What does Tenants By the Entirety mean?
Tenants by the entirety are one of three different types of tenancy. A tenancy by the entirety, though, is only available to married couples. Generally, a creditor is able to attach a tenant's property when that tenant has defaulted on a debt. With a tenancy by the entirety, though, only creditors of the married couple are able to attach the property. Furthermore, with a tenancy by the entirety, one spouse is unable to convey or sell their interest in the property without the consent of the other spouse. Tenants by the entirety also have a right of survivorship.
Justipedia explains Tenants By the Entirety
The three types of tenancy that can be held by owners of property include a tenancy by the entirety, a joint tenancy, and a tenancy in common. Tenancy by the entirety is based upon policy reasons that support the family and protect the family homestead. If an unmarried couple purchases property and later marry, it is suggested that they re-title the property to become a tenancy by the entirety. By doing so, the couple will protect themselves and their property from creditors.