joint ownership of property by husband and wife, recognized in some states. Each has equal rights of possession and enjoyment, and right of survivorship when the other spouse dies. Although similar to joint tenancy, the most common form of property ownership by married couples, tenancy by the entirety treats the estate as a unit, which means that neither spouse can sell assets without the other's consent. Also, creditors cannot force the sale of property to satisfy debts of either spouse. The surviving spouse inherits the entire estate.
estate that exists only between husband and wife with equal right of possession and enjoyment during their joint lives and with the right of survivorship; that is, when one dies, the property goes to the surviving tenant. It is recognized in some states.
ownership of property by a husband and wife together; the law views the couple as one person. This can have a bearing on insurance claims. For example, if the wife willfully destroys property, her husband's claim may be denied by an insurer on the grounds that he is not separate from his wife for insurance purposes, and this constitutes destruction by the insured. Contrasts with tenants in common.
an estate that exists only between husband and wife with equal right of possession and enjoyment during their joint lives and with the right of survivorship-i.e., when one dies, the property goes to the surviving tenant. Recognized in some states.
Example: A married couple owns property as tenants by the entirety. Neither can convey his or her part of the property during their lives unless the other consents. A creditor of only one spouse is generally prevented from claiming property held by the other spouse in tenancy by the entirety. Divorced spouses become tenants in common.
