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tenants by the entirety vs joint tenants

tenants by the entirety vs joint tenants

If you are married and you use the home as the primary residence where the couple lives together. The married couple can also title one vacation home in tenants by the entirety. Lastly tenants by the entirety can be used with Illinois land trusts.

The benefits are: 1). The couple owns the entire property together – not 50/50 – each owns all of it. 2). The debts or bankruptcy of one spouse does not affect the other spouses ownership of the entire interest 3). Basically the bad credit decisions of one spouse do not destroy the other spouses interest in the property 4). One spouse cannot quit claim or transfer their interest without the consent of the other.

A great way to protect the marital home from creditors.

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