Tenancy By the Entireties

[mimic]

This is in follow-up to another post.

Question: If a married couple own real estate jointly, and all CC debt is in seperate names, can the home be exempt completely in NC under "Tenancy By the Entireties"?

Any ideas.

Thank you.

[keepmine]

Only if the home is orginallytitled T by E.
You can't change the deed from joint to t by e and then file bk.

[mimic]

I thought all real estate in NC held in two names was immediately considered Tenancy By the Entireties?

Thought there were just a handful of states, NC being one of them.

[2Bshinyandnew]

The way I understand it, the parties to a Tenancy by the Entireties ownership must be husband and wife. In tenancy by the entirety, each party owns the entire estate. Unlike joint ownership, neither party may convey ownership to another person without the consent of the spouse.

and, yes...I believe if a homestead property
is TBE and one spouse files Bankruptcy, the property would be exempt as long as it met all the criteria of the debtors home state laws.



not a lawyer

[Flamingo]

This is in follow-up to another post.

Question: If a married couple own real estate jointly, and all CC debt is in seperate names, can the home be exempt completely in NC under "Tenancy By the Entireties"?

Any ideas.

Thank you.

It all depends if the Deed to the husband and wife is indicated as "tenants by the entireties" or if NC recognizes that all deeds to husand and wife are automatically recognized as tenants by the entireties thereby not needing the verbiage to be added to the deed. Consult with a good NC real estate attorney to get the correct info you need as this is state law based.

[mimic]

Was told by RE Attorney that all deeds (real estate only) between husband and wife are considered "Tenancy By the Entireties" automatically.

Not sure how this plays out in BK court though. I do know that If I was sued in cival court for CC debt they could not attach to the house. However if one of us dies...were screwed. I could wait for judgements, but this could take years, and knowing my luck...well.

Just getting to this point, as you all know is painful. Would prefer just to file BK and call it a day.

[mymare]

virginia TBE law - HELP

I have spoken to one attorney and have appt with another. My spouse won't be filing and the house (paid for) is in his name, he owned it before our marriage. Also I'm confused about the cars which, though he paid for them, and our boat - are in both names. (thanks to me "making"him put my name on what he bought. The attorney I spoke with today seemed to think our home and boat could be in jeopardy. Due to our age we had decided to turn our boat into a business - since we can't find ANY work. If we do that before I file will it be protected? Oh - boy. I am so thankful for this forum!!!!!! By the way - the first attorney said I could just stop paying my bills and Not take b/k???? Anyone have any thoughts?

[DeadManCrawling]

TbE is perhaps one of the strongest methods for protection, in those states where it is recognized.

But what happens if you are in a state where TbE is assumed, but the deed spcifically states ANOTHER form of ownership?

Whould the state assumption of TbE override the words on the deed?

Interesting question.

[mymare]

Tbe

I'm in VA - I have googled like crazy but can't find, or understand even a little bit about the state laws, which I believe overide federal - ?

[mymare]

One more thing - what do you mean one of the strongest means of protection? Sounds like a good thing. I asked an attorney if I divorced my husband and lived aboard our boat (that I would get in the divorce) would they take it and she said they would leave me homeless!!!! I'm so scared I feel that I can't breathe

[mimic]

As far as I know, TBE only applies to real estate that has been aquired after the marriage. Deed must also be in both names. I am in NC.

I regard to my earlier posts appears as though as long as we file seperately, because our debts are in seperate names, we can protect house through TBE. Amazes me how few attorneys know about this. Will be meeting with new attorney tomorrow AM who specializes in TBE. Others I have seen I felt as though I was educating.

Is TBE all that uncommon?

BTW Mymare....I guessing you have horses. I do too. I hope these won'r become a problem when filing.

[mynextlife]

Mimic,

I am in NC and my DH and I have just filed for CH 7 BK together. We have separate cc debt and a few accounts together. It is correct that tenant by the TBE does protect your home with regards to the debtors of each spouse (separately) trying to take your property.

Good luck!

[mymare]

As far as I know, TBE only applies to real estate that has been aquired after the marriage. Deed must also be in both names. I am in NC.

I regard to my earlier posts appears as though as long as we file seperately, because our debts are in seperate names, we can protect house through TBE. Amazes me how few attorneys know about this. Will be meeting with new attorney tomorrow AM who specializes in TBE. Others I have seen I felt as though I was educating.

Is TBE all that uncommon?

BTW Mymare....I guessing you have horses. I do too. I hope these won'r become a problem when filing.

Thanks for sharing - in my case our home is only in my husband's name, that is why I was so shocked when the att I'm seeing Mon mentioned that it could be taken because it is paid for!!!! Also - I received paperwork to fill out before Mon appt and they are "intake" papers which in my current fragile state sounded like prison papers! I don't own horses any longer but always pay tribute to my beloved Tbred mare - can't go there I'll be crying all day. I see what you mean about knowledge of tbe - how did you locate an att who is knowledgeable?
Gee it's wonderful to have folks to speak with!!!

[mimic]

Went to attorney this AM and was told that there is no problem filing under TbE. Was even told that we do not have to file seperately. (Now that surprised me!) It's shocking the difference between this attorney and the others. Very matter of fact; others hemming and hawing.

Mymare....would be happy to give you his name. Feel free to email me. He's located in Cary and I received his name from a friend. Sorry to hear about your mare. My TB is 16 and as the years go by I cring at the thought of loosing her.

In regard to TbE, the house being in your husbands name solely may be a problem. However a good attorney, should be able to tell you your options. Paperwork....stinks I know. It upsetting how one works thier tail off to do well, only to be hit by hard times and end up with the possibility of loosing all. We lost our business and ended up in huge debt. A story told by many on this forum.