– Florida’s housing market has been one of the hottest in the country in recent years, with Tampa, Florida being named the hottest city for buying a home in 2022.
– The demand for second homes in Florida has increased 87% from pre-pandemic levels, according to real estate brokerage firm Redfin.
– Married couples purchasing real estate in Florida may hold title as tenants in common, joint tenants with rights of survivorship, or tenants by the entirety (TBE).
– Tenancy by the entirety (TBE) is not recognized in New Hampshire, but matters involving Florida real estate are already common given New Hampshire’s significant snowbird population.
– This article provides a refresher on ownership as tenants by the entirety and a summary of the advantages and disadvantages of TBE ownership. 1. Florida tenants by the entirety must have joint ownership and control of the property.
2. Each spouse must have an identical interest in the property.
3. The interests in the real property must have originated in the same document.
4. The interests must have commenced simultaneously.
5. Upon the death of one spouse, the surviving spouse becomes the sole owner of the property.
6. The parties must be married at the time the property was titled in their names.
7. An estate by the entirety may be created by one spouse conveying to the other by a deed stating the purpose, or by conveying to both spouses.
8. It is not necessary for the deed to specifically designate the owners as a married couple, but it is better practice to do so.
9. Real and personal property owned jointly by husband and wife is presumed to be owned as tenancy by the entireties.
10. Non-residents who own property in Florida may also claim tenancy by the entirety protection. 1. Tenancy by the entirety ownership transfers property to the surviving spouse outside of estate administration when one spouse dies.
2. This type of ownership protects against collection efforts from creditors if the creditor only holds a judgment against one of the spouses, with exceptions for certain government creditors.
3. In the event of divorce, tenancy by the entireties immediately converts the ownership into tenants in common, potentially exposing one spouse’s share of the property to creditors.
4. Tenancy by the entireties terminates at death, potentially exposing the property to the surviving spouse’s creditors and leading to accidental disinheritance of intended heirs. 1. Florida law recognizes ownership as tenants by the entirety for personal property.
2. Common assets include stock certificates, LLC interest, vehicles, and tax refunds.
3. Some banks may not permit TBE accounts, making personal property vulnerable for objection to an ownership claim as tenants by the entirety.
4. The lack of uniform documentation makes it difficult to determine the form of tenancy established by a married couple for assets like bank accounts, car titles, and other assets.
5. It’s important to closely examine the deed for Florida real estate owned by a married couple, as the ownership as tenants by the entirety may not be immediately evident.
6. Determining the status of the title may have an important impact on the issues under review due to the advantages and disadvantages of TBE ownership.
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