Owning your own residence with your spouse can leave you vulnerable to creditors from either spouse. However, in several states, if you co-own your home with your spouse, your home may be titled TBE: Tenants by the Entirety. TBE's key benefit is providing a form of asset protection. This titling can also be extended to other marital assets beyond just the home. And unlike other joint ownership, creditors cannot get to the assets held TBE unless both spouses are subject to the same creditor.
Though not to be used as a primary wealth protection tool, TBE is highly worth looking into as an added protective measure for your assets. If you would like to know more about TBE, please give us a call at 301-805-5538