The Tenancy by the Entirety and Marital Property - Feb. 7 Flashcards
What is the tenancy by the entirety? (Barros)
The tenancy by the entirety is a concurrent interest between spouses that in most respects resembles a joint tenancy. (233)
Ex: to Spouse 1 and Spouse 2 as tenants by the entirety.
What legal status does a couple have to have to create a tenancy by the entirety? (Barros)
For a tenancy by the entirety to be created, the couple must be married at the time of conveyance. (233)
What does equitable distribution mean? (Barros)
Equitable distribution means marital property is divided based on equitable principles. (250)
What is a prenuptial agreement? (Barros)
A prenuptial agreement is a written contract created by two people before they are married that (1) lists all of the property and debts each person owns and (2) specifies what each person’s property rights will be after the marriage. (256)
What are elective share statutes? (Barros)
Elective share statutes give the surviving spouse the right to claim a significant share of the decedent spouse’s estate regardless of the provisions of the decedent spouse’s will. (256)
How can a tenancy by the entirety be terminated? (Studicata)
Unlike a typical joint tenancy, a tenancy by the entirety can only be terminated by divorce, death of one spouse, or agreement of both spouses (i.e., neither spouse can transfer or encumber the property without the consent of the other spouse.).
What is separate property? (E&E)
Separate property is property that is owned by the spouse who paid for or inherited it. Also property acquired before the marriage. Also gifts, inheritance, and devises. (252)
What is community property? (E&E)
Community property is the idea that the husband and wife work together for their mutual benefit. (252)
Can a creditor of one spouse reach the other spouse’s separate property? (E&E)
No. (253)
