Understanding: Co-Ownership & Taking Title
Tenancy by the Entirety
Tenancy by the entirety is a form of holding title reserved only for married couples that provides extra protection to marital property.
Almost all married couples should take title by the entireties because it carries important protections for the primary, marital residence, including protecting the property from entering the probate system upon the death of a spouse, as well as preventing a creditor of one spouse from foreclosing on the property to collect on the debt of that spouse.
For example, if a philandering spouse takes out a credit card and racks up a ton of debt, the other spouse will not lose the marital home to the credit card company if it comes collecting.
Also, both spouses will be required to sign off on any transfer of the property. So, one spouse cannot sell the property without the other one knowing.