JOINT OWNERSHIP: “Know Your Rights” with Attorney Jeff Vastola:
Did you know that if you own your marital property in the form of joint ownership with rights of survivorship those assets are not protected from the creditor of your spouse?
That’s right, a creditor of either spouse can seize the assets of those owned jointly if you do not own them the proper way. There is one form of ownership available to married couples that offers the asset protection you probably want. It is called Tenants by Entireties and in order for the property to qualify for this type of ownership it must have the following characteristics:
You must have joint ownership and control, the ownership must have originated in the same instrument, the interest must have commenced simultaneously, the parties must have been married at the time they acquired it, and the surviving spouse will own the property after either spouse dies. If you are wondering whether you own your property the right way, be sure to contact your estate planning attorney right away.
I’m attorney Jeff Vastola, and now you Know Your Rights.