What does tenancy by the entirety mean in Florida?

In Florida, tenancy by the entirety is a unique form of ownership between spouses that provides them with equal and indivisible interests in the property. Here's what it means:

1. Joint Ownership: Tenancy by the entirety creates a joint ownership arrangement between a married couple. Both spouses hold equal and undivided ownership rights in the property. This means they share equal possession, control, and enjoyment of the property.

2. Unity of Ownership: Tenancy by the entirety is characterized by the "unity of ownership" concept. This implies that both spouses have identical interests in the property, and their ownership is considered a single, indivisible entity.

3. Automatic Creation: In Florida, tenancy by the entirety is automatically established when a married couple acquires real estate or other assets jointly. This occurs without any specific declaration or requirement in the property's title.

4. Survivorship Rights: A significant feature of tenancy by the entirety is the right of survivorship. If one spouse passes away, the surviving spouse automatically inherits the entire ownership of the property, without going through probate or distribution.

5. Equal Share and Control: Both spouses have equal rights to possess, use, and control the property. One spouse cannot unilaterally transfer, sell, or encumber the property without the consent of the other spouse.

6. Creditor Protection: Tenancy by the entirety offers creditor protection. In general, creditors of one spouse cannot seize or claim the property held in tenancy by the entirety to satisfy their claims against that spouse.

7. Estate Planning: Tenancy by the entirety simplifies estate planning for married couples. It ensures that upon the passing of one spouse, the property automatically transfers to the surviving spouse without the need for wills or trusts.

8. Limitations: Tenancy by the entirety is restricted to married couples. If the spouses divorce, the tenancy by the entirety is automatically terminated, and the property will be divided according to the terms of their divorce settlement.

9. Exceptions and Variations: While tenancy by the entirety is common in Florida, there may be exceptions or variations in certain circumstances. For example, if spouses create a different ownership arrangement through a written agreement or if there is a prenuptial or postnuptial agreement that alters their property rights.

To ensure a clear understanding and protection of your rights, it's advisable to consult with an experienced real estate or estate planning attorney when dealing with tenancy by the entirety in Florida.