Tenancy By The Entirety

AAA

DEFINITION of 'Tenancy By The Entirety'

A type of concurrent estate in real property that is unique in that it occurs where the owners of property are husband and wife. Each spouse has an equal and undivided interest in the property. In essence, each owns the entire estate. In the event that one spouse dies, the full title of the property automatically passes to the surviving spouse. A tenancy by the entirety permits spouses to jointly own property as a single legal entity.

INVESTOPEDIA EXPLAINS 'Tenancy By The Entirety'

A tenancy by the entirely can only occur when the owners are husband and wife at the time the title is received. A tenancy by the entirety may be terminated by the death of one spouse, by divorce (resulting in the parties becoming tenants in common) or by the mutual agreement of the husband and wife.

RELATED TERMS
  1. Holdover Tenant

    A renter who remains in a property after the expiration of the ...
  2. Joint Tenancy

    A type of property right where two or more people own or rent ...
  3. Breach Of Contract

    Violation of any of the agreed-upon terms and conditions of a ...
  4. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  5. Lease

    A legal document outlining the terms under which one party agrees ...
  6. Tenants In Common - TIC

    The co-owners of an undivided interest in real property. Tenants ...
Related Articles
  1. State Laws Dictate Division Of Joint ...
    Retirement

    State Laws Dictate Division Of Joint ...

  2. Marriage: For Richer Or Poorer?
    Budgeting

    Marriage: For Richer Or Poorer?

  3. The Tax Benefits Of Having A Spouse
    Taxes

    The Tax Benefits Of Having A Spouse

  4. Marital Union; Financial Separation
    Personal Finance

    Marital Union; Financial Separation

comments powered by Disqus
Hot Definitions
  1. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  2. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  3. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  4. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  5. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
  6. Limit-On-Open Order - LOO

    A type of limit order to buy or sell shares at the market open if the market price meets the limit condition. This type of ...
Trading Center