Florida Asset Protection : Asset Protection Law & Planning in Florida - Florida Homestead Exemption

Florida common law, established over the years by consistent court decisions, holds that property owned by spouses jointly as tenants by entireties is protected from the creditor of just one of the spouses. Tenancy by entireties is not a statutory protection from creditors; it is a common law protection that is based on how Florida courts define marital property. The two year waiting period for bankruptcy exemptions under the new bankruptcy law applies to Florida's statutory exemptions, but the waiting period does not apply to how Florida or any other state defines property interest and the consequences of property concepts for creditor collection. Therefore, as soon as a person becomes a Florida resident his property interest are defined under Florida law. Bankruptcy law respects the property laws of individual states. Therefore, even under the new bankruptcy law, a married debtor who moves to Florida and purchases jointly owned property with his spouse should have such joint entireties property protected in bankruptcy regardless of when he files for bankruptcy protection.

posted by Jonathan Alper, asset protection and bankruptcy attorney, Orlando, Florida