Antonik Title Services

3405 Broadway, Mt. Vernon, IL 62864
Phone 618.244.6611 Fax 618.244.6836 
Email 
antoniktitle@charter.net


Helpful Information

SAVE YOUR HOUSE FROM THE DEBTS OF ONE SPOUSE

A TENANCY BY THE ENTIRETY
 
allows spouses to own property together as a single legal entity. Under a tenancy by the entirety, creditors of an individual spouse may not attach and sell the interest of a debtor spouse: only creditors of the couple may attach and sell the interest in the property owned by tenancy by the entirety.

There are three types of concurrent ownership, or ownership of property by two or more persons: tenancy by the entirety, JOINT TENANCY, and TENANCY IN COMMON. A tenancy by the entirety can be created only by married persons.

A tenancy by the entirety is available only to a married couple for their residence. It also has the same right of survivorship of a joint tenancy with the added protection that creditors of one spouse may not attach or foreclose on property held in tenancy by the entirety. An exception may be if the tenancy by the entirety was created solely for avoidance of debts of one’s spouse. This protects the martial residence of the debts of one’s spouse which can easily happen if just one of the spouses is liable for credit card debts, business obligations, or a result of some accident of which insurance does not cover. IT IS HIGHLY RECOMMENDED THAT MARRIED THAT COUPLES PLACE THEIR RESIDENCE IN A TENANCY BY THE ENTIRETY. Let us help you obtain peace of mind by assisting you with this deed.