Author: Spiros Avramidis
As most attorneys know, spouses that own real property as tenants by the entirety (“TBE”) enjoy protections not provided to other types of ownership interests. TBE arises when real property owned as husband and wife. In New York, TBE protects real property from being used to satisfy the debt of only one of the owner-spouses. In other words, if only one of the owner-spouses is obligated on a debt, a creditor cannot force a sale of the entire real property to satisfy the debt because only one of the owner-spouses is obligated on the debt. Real property owned jointly (rights of survivorship) or in common (no survivorship) does not receive the same protection and is subject to sale or partition.
As most attorneys know, spouses that own real property as tenants by the entirety (“TBE”) enjoy protections not provided to other types of ownership interests. TBE arises when real property owned as husband and wife. In New York, TBE protects real property from being used to satisfy the debt of only one of the owner-spouses. In other words, if only one of the owner-spouses is obligated on a debt, a creditor cannot force a sale of the entire real property to satisfy the debt because only one of the owner-spouses is obligated on the debt. Real property owned jointly (rights of survivorship) or in common (no survivorship) does not receive the same protection and is subject to sale or partition.
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