Navigating Financial Account Applications To Create Tenants By Entireties Ownership

Jon Alper Tenants By Entireties

The general rule is that married accounts with rights of survivorship are presumed to owned by married couples as tenants by entireties unless the couple has disclaimed entireties ownership on the account application or elsewhere. The most common disclaimer of entireties protection occurs when a debtor selects the incorrect ownership on a financial institution’s account application. Not all bank provide …

Bankruptcy Case Confirms Non-Resident’s Exemption of Tenants by Entireties Assets

Jon Alper Tenants By Entireties

I’ve written in previous blog posts that a debtor does not have to be a Florida resident to claim tenants by entireties exemption of assets situated in Florida. The reason is that tenants by entireties protection is based upon common law traditions of property ownership rather than upon exemptions statutes enacted by the Florida and other state legislatures. A Chapter …

Disadvantage of Foreign Residents Owning Florida Real Estate In Entity Name

Jon Alper Tenants By Entireties

Married residents of Iowa purchased an investment motel in Florida through their family corporation. They own all the stock in the corporation jointly. A lawsuit was filed against the husband related to a prior investment. Their Iowa attorney told them that the Florida hotel is exempt because it is Florida real estate owned by them jointly as tenants by entireties.

Tenants by Entireties Exemption From Federal Criminal Restitution

Jon Alper Tenants By Entireties

When a court finds that a client has improperly taken money from consumers or investors in violation of federal or state laws the court may order restitution to the “victims” . Restitution orders require the debtor to pay money to the government agency on behalf of the victims. Ordinary asset protection may not protect against restitution.

Selection of Joint Tenancy Does Not Overcome Presumption of Entireties Ownership

Jon Alper Tenants By Entireties

One of my clients asked me to review his applications and titling of his financial accounts to make sure he properly registered his accounts as tenants by entireties. In Florida, a joint marital account with rights of survivorship is presumed to be held as tenants by entireties unless the debtor has shown his intent to disclaim entireties ownership in favor …

Which States Recognize Tenants by Protection?

Jon Alper Tenants By Entireties

One of my married clients this week had recently moved to Florida to seek protection from a large lawsuit. The client owned property jointly with his wife in several states including his previous domicile of Pennsylvania, a vacation home in North Carolina, and newly acquired joint property in Florida. The issue presented is whether these marital assets were all exempt …

What Constitutes A Joint Judgment For Tenants by Entireties Exemption?

Jon Alper Tenants By Entireties

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 …

Court Dissolution Order’s Effect On Entireties Property

Jon Alper Tenants By Entireties

When one spouse is subject to a judgment their jointly owned property is exempt as tenants by entireties. If the couple gets a divorce, can the creditors of the debtor spouse levy upon property formerly owned jointly by the married couple because the divorce destroys the unities of entireties?