Tenancy By The Entirety Legal Meaning and Definition

Here is a simplified definition of the legal term Tenancy By The Entirety.

Tenancy By The Entirety (noun): This is a legal term referring to a form of property ownership. Here, both husband and wife entirely and jointly own the property with equal interest and one title. They both hold total rights to the property. If one partner dies, the surviving partner receives full ownership. Any transaction involving the property (such as selling, buying, or developing) typically needs the consent of both partners (if both are alive). The ownership can only be changed either by mutual agreement or in the event of a divorce.