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The most recognized form for a married couple is to own their home as Tenants by the Entirety. A tenancy by the entirety is ownership in real estate under the fictional assumption that a husband and wife are considered one person for legal purposes. This method of ownership conveys the property to them as one person.
Tenancy By Entirety Vs. One of the biggest differences between TBE and tenants in common is that the latter doesnt come with survivorship rights. If one owner passes away, their share of ownership is passed on to their heirs, not the other owners.
Married couples purchasing real estate in Florida may hold title as tenants in common, joint tenants with rights of survivorship or as tenants by the entirety (TBE). TBE, of course, is not recognized in New Hampshire.
In Massachusetts, a tenancy by the entirety also has a right of survivorship, but this form of joint ownership is only permitted for married couples. It is treated quite similarly to a joint tenancy with a right of survivorship. If your spouse dies, your interest automatically transfers to you.
Key Takeaways. Some of the main benefits of joint tenancy include avoiding probate courts, sharing responsibility, and maintaining continuity. The primary pitfalls are the need for agreement, the potential for assets to be frozen, and loss of control over the distribution of assets after death.
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Married couples have another choice. In Massachusetts, co-owners who buy real estate have three choices as to how they take title in the deed: (1) tenants in common; (2) joint tenants; and (3) tenants by the entirety. Only married couples may take title to a property as tenants by the entirety.
Joint Tenants When one joint tenant dies, the surviving joint tenant automatically owns the entire property. This is said to be a right of survivorship. A deed to two or more people must specify that they hold the property as joint tenants to create a joint tenancy.
Joint tenants are not considered a single legal entity, as tenants by the entirety are. A judgment creditorthe party that has proved its debt and may use the judicial process to collect itcan force the property to liquidate to satisfy the judgment.
Tenants cant transfer their interest in the joint tenancy: When you and your joint tenant(s) each own an equal interest in a property, you cant transfer your interest to someone else and leave the joint tenancy intact.
Much like in a joint tenancy, spouses who own property as tenants by the entirety each own an undivided interest in the property, each has full rights to occupy and use it and has a right of survivorship.

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