Unlike joint ownership with rights of survivorship, “tenants by entireties” ownership affords excellent asset protection benefits. Tenants by entirety is a special form of joint tenancy ownership which is available only to married persons under common law. In the case where both spouses are jointly indebted to a particular creditor, that creditor can involuntarily seize tenants by entireties property owned by the two spouses. Tenants by entireties protection exists only if a creditor has no rights against only one of the spousal owners.

In Florida, unlike most other states, all types of property, including all real property, tangible personal property, and intangible personal property, may be owned by a married couple as tenants by entireties. Whether a married couple owns property as unprotected joint tenants with survivorship or as protected tenants by entireties depends on the intent of the spouses. Married couples in Florida must also demonstrate their affirmative intent to own joint property by the entireties in order to place the property under the umbrella of asset protection.

In Florida, tenants by entireties is the quickest and simplest asset protection for married persons. This form of ownership, however, may not provide secure asset protection over the long term. First, a divorce between the spouses immediately converts the tenants by entireties into a joint tenancy between the former spouses. In that case, the assets of the debtor spouse would immediately be exposed his or her creditors. Likewise, a death of one spouse terminates the tenants by entireties and vests the property solely in the surviving spouse. If the surviving spouse has creditors, the asset protection afforded by the tenants by entireties ownership is lost. Secondly, tenants by entireties ownership creates problems for estate planning and interferes with estate tax avoidance.