Tenancy by the entirety is a process that involves ownership between spouses or what it is popularly known as “joint ownership.” This kind of ownership is applicable to different procedures such as the transfer of property between spouses when one of them passes away.
Tenancy by the entirety lessens the time that it would take for the property to be legally transferred compared to other procedures which usually take years before being approved alone. It is important to know that not all joint ownerships could be considered as tenancy by the entirety since for a certain agreement to be considered as such, it must first be given the label of it.
There are many advantages that go with this option such as in certain circumstances where there are debts contracted before the marriage of a couple. These debts will have no chance interfering with the jointly owned property.
On the other hand, tenancy by the entirety has also its disadvantages. An example is when a spouse acquires a property even though he or she still has a large amount of personal debts that could affect the property that he or she inherited. In this case, the inherited property will become the subject for collection of debt.
This only shows that the process of owning, buying or even transferring property is not that simple. One must consider certain advantages and disadvantages that go with it. Lastly, the transfer of property does not always guarantee that everything is in order as problems such as those related to debts may still occur.