tenancy by entirety
Date: Tue, 01/11/2011 - 14:10
Does anyone know if the tenancy by entirety exemption in Michigan pertains just to homesteaded real estate or any real estate owned jointly with spose?
To define "Tenancy by the Entirety", it is a type of ownership w
To define "Tenancy by the Entirety", it is a type of ownership which allows the spouses to own the property together as a single entity. Under this type of ownership, creditors of an individual spouse may not attach and sell the interest of a debtor spouse. However, the creditors of the couple may attach and sell the interest in the property which is owned by tenancy by the entirety. It will not just pertain to homesteaded real estate.
Anna has a good explanation for all of us here. Quote:To define
Anna has a good explanation for all of us here.
Quote:
To define "Tenancy by the Entirety", it is a type of ownership which allows the spouses to own the property together as a single entity. |
If one of the spouse dies, tenancy gets transferred to the one who lives. There's no requirement of a probate process under such circumstances.
Quote:
However, the creditors of the couple may attach and sell the interest in the property which is owned by tenancy by the entirety. |
If you have more of personal debt accumulated over time and you obtain some property (upon getting married) through tenancy by the entirety, then the inherited property will be subjected to debt collection. It's not good for the non-indebted spouse if the indebted spouse outlives him.