What Constitutes A Joint Judgment For Tenants by Entireties Exemption?

Tenants by entireties assets are protected against a judgment against either spouse, but entireties assets are not exempt from a creditor holding a joint judgment against both spouses. Sometimes, there is an issue about what constitutes a “joint judgment.” This past week I dealt with the issue of whether a single party that holds separate judgments against both spouses can execute against the couples entireties assets. Continue reading

Moving Financial Accounts To Florida For Entireties Protection

A client moved to Florida from New York state where he had previously maintained a bank account at New York branch of a national bank and a financial account at a national securities firm. He owned both accounts jointly with his wife. The client feared a lawsuit in New York. He wanted to know if after moving to Florida he had to move both financial accounts to protect them as tenants by entireties assets . Continue reading

Separate Judgments Against Each Spouse And Entireties Protection

Creditors who have a sizable claim against on spouse residing in Florida sometimes will assert creative theories to impose liability on the other spouse so in order to overcome tenants by entireties protection. When a judgment is against only one spouse the debtor spouse may protect all joint marital assets because marital assets are presumed to be owned as tenants by entireties, and entireties assets are immune from collection under Florida law. Continue reading

Article Discusses Tenants By Entireties in a Joint Living Trust

Florida property owned by a husband and wife with rights of survivorship is presumed to be “tenants by entireties” property which is protected from the creditors of either spouse, but not protected from joint creditors. If a husband and wife contribute money to a revocable living trust, does the change of ownership terminate the entireties protection? Continue reading

Disclaimer of Tenants by Entireties on Boat Title

Much has been written about technical procedures for setting up a tenants by entireties account. One of the rules, expressed in several prior court decisions, is that any joint account owned by husband and wife is presumed to be an entireties accounts even if the account title does not state “tenants by entireties” provided however that the debtor did not disclaim or refuse the entireties presumption. Continue reading