Joint Ownership & TBE
How you own property makes a big difference upon your death or in the even of a creditor's claim. There are many types of Joint Ownership in Florida and it is important to evaluate your circumstances and objectives before choosing one or letting the State of Florida choose the default method for you.
Law Office of David M. Goldman PLLC represents individuals and families in Jacksonville and Florida with their Florida Asset Protection needs. Our Florida Asset Protection Attorneys and Florida Asset Protection Lawyers work with high net worth individuals and families.
When you purchase a home as a married couple, it is typically owned as Tenancy by the Entireties. This form of ownership affords asset protection unless both spouses are jointly indebted to a creditor. Florida, unlike most states, affords this protection to all types of property including real and personal property.
Many married people own real or personal property as joint tenants with rights of survivorship. When one spouse dies, the surviving spouse will own the property. Property owned Jointly is not protected from their creditors. Jointly owned Property with rights of survivorship (JTWROS) offers no protection from creditors. Creditors of any owner can file against any owner of the property.
Ways Tenancy by the Entireties can be defeated. Anytime property is changed from TBE to Joint tenants it looses this protection. This can happen with a divorce or death of a spouse to the extent that the surviving spouse has creditors.
If you think Asset Protection may be appropriate or you feel that there is a potential risk you would like to limit, CONTACT our Florida Asset Protection Lawyers by email or call us at 904-685-1200 to discuss your situation today.