What is Tenancy by the Entirety?
There are several different ways to "hold" or "take" title to a home in the State of Illinois, and the most beneficial way to hold title is dependent on factors that vary depending on the specific circumstances surrounding the transaction. One way to take title to a home in the State of Illinois is called Tenancy by the Entirety.
Tenancy by the entirety is a way to take title to your land that is available only to married couples for their homestead property, and provides additional protection for marital property. The main benefit of tenancy by the entirety is that only joint creditors (creditors of both the husband and the wife) can reach the home where the home is held in tenancy by the entirety. If a creditor has a claim against only the wife, or only the husband, then the home held in tenancy by the entirety cannot be encumbered, sold, or partitioned without the consent of both spouses.
Although the way a new property owner "takes" property is often times overlooked, the experienced attorneys at Ball & McCann, P.C. ask the right questions to determine the best course of action based on your individual needs. If you are in the market for a new home or investment property, contact the experienced attorneys at Ball & McCann, P.C. to help provide personalized service to assist you with every step of an acquisition, because details matter.