Under Florida Statute §689.115, when a married couple jointly purchases a home or other personal property it is presumed that the property will be held as a tenancy by the entireties. The way property is held/ acquired can play an important role in cases for a Florida divorce with a home. In a tenancy by the entireties, the property is owned by the marital union, rather than by the individual spouses.
In a Florida divorce with a home held as tenancy by the entireties, each spouse will have a half interest in the marital union, which in turn owns the property. The parties to the marriage will jointly be entitled to any profits. Further, the parties will be jointly liable for property held as a tenancy by the entireties. Neither spouse can transfer their interest in the property without the other spouse joining or consenting to the transfer. Additionally, a creditor of one spouse may not encumber property held as a tenancy by the entirety without both spouses being a party to the agreement. If a case is filed for Florida divorce with a home, property held as tenancy by the entireties may be subject to equitable distribution in the divorce.
Florida Divorce With a Home Owned as Tenancy by the Entireties
Tenancy by the entireties is not reserved solely for real estate. For instance, personal property may also be held as a tenancy by the entireties. Further, a tenancy by the entireties will be the presumed type of ownership for personal property transferred to the spouses. However, the transfer of an automobile to a married couple will not create the presumption of tenancy by the entireties. See Xayayong v. Sunny Gifts. For more information on tenancy by the entireties and Florida divorce with a home contact a divorce law firm in Tampa for assistance.
In order to hold property as a tenancy by the entireties, the following six characteristics must be present:
- Joint ownership and control
- Identical interests in the property
- The property interests originated in the same instrument/ transfer
- The interests commenced simultaneously
- The right of survivorship – death upon one spouse will automatically vest all of the property in the surviving spouse
- The parties were married at the time they jointly acquired the property
The tenancy by the entirety will remain in effect until the death of a party, divorce, or agreement terminating tenancy In the event of a Florida divorce with a home, the parties will retain the property as tenants in common with no right of survivorship, unless the divorce decree says otherwise.
Divorce Law Firm in Tampa
If you are contemplating filing for a divorce and are concerned about keeping your fair share of the assets call us today to speak with Tampa divorce attorney. Our divorce lawyers have years of experience in cases for Florida divorce with a home. Every divorce is different, and our vast experience allows us to cater our services to each client’s specific situation. Whether a couple mutually agrees to the terms or are engaged in fierce litigation, Florida Law Advisers can help. We are available 24 hours a day, 7 days a week and offer a free initial consultation to prospective clients.