For better or for worse, there are some legal perks that come with saying “I do”. Depending on which state you live in, these perks vary. There are many advantages to including the government in your marriage, including filing joint taxes, spousal immunity, and holding property as Tenants by the Entirety. In terms of Asset Protection, there are some benefits to being married.
The main benefit is being able to own property as Tenants by the Entirety. When multiple people own property together, there are different ways it can be titled, such as co-tenants or jointly with rights of survivorship. Both of these types of ownership represent each person owning their own individual rights to the property; these interests can be divided.
Assets that are owned by couples as Tenants by the Entirety (“TBE”) are afforded a higher level of protection. When an asset is titled as TBE, it is not considered to be owned 50/50 by each spouse. Instead, each spouse owns 100% of the property.
What does this mean for couples? This means that a creditor of only one spouse, cannot attach a judgment to assets that are owned by both spouses as Tenants by the Entirety. This provides an extra layer of protection from frivolous suits and offers Estate Plan advantages as well. Not every state recognizes this type of ownership, so it’s important to consult with an experienced Attorney to determine your state specific law.
At The Presser Law Firm, P.A. our Attorneys specialize in Asset Protection. We interpret the law and advise our clients on how to best structure their assets, so that they are protected in any and all situations.
For additional information about Asset Protection Planning, contact The Presser Law Firm, P.A. for a complimentary preliminary consultation. The Presser Law Firm P.A. 6830 N. Federal Highway, Boca Raton FL 33487 (561) 953-1050 or email firstname.lastname@example.org.