Tenancy By the Entirety
Tenancy By the Entirety means:
a form of joint ownership for real estate that exists only between husband and wife with equal rights of possession and enjoyment during their joint lives and with the right of survivorship; that is, when one dies, the property goes to the surviving tenant. Tenancy by the entirety is recognized in some states. Former IRC (check if this IRC provision is current here) §2040.
Example of Tenancy By the Entirety:
A married couple owns property as tenants by the entirety. Neither spouse can convey his or her part of the property during the lives of the couple unless the other consents, a feature that is different from joint tenancy. Divorced spouses are tenants in common; see also tenancy in common.
Description and Definition of Tenancy by the Entirety
A joint tenancy in real property in the name of both husband and wife. If one owner dies the other takes the entire estate.