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Home » Tenants by Entireties » Tenants By Entireties Bank Accounts Made Easier By A Modified Banking Statute

Tenants By Entireties Bank Accounts Made Easier By A Modified Banking Statute

ByJon Alper September 8, 2011May 22, 2020

Generally, Florida’s creditor exemptions are expressed in Chapter 222 of the Florida Statutes. The Chapter’s sections list Florida’s premier asset protection exemptions including the exemptions afforded wages, retirement funds and annuities. Sometimes the legislature makes important asset protection changes in various other parts of the Statutes.

A few years ago Florida changed part of its banking law statutes making it easier to for individual debtors to protect tenants by entireties bank accounts. Section 655.79 (1) provides that any joint bank account, including a CD, owned by husband and wife is a tenants by entireties account.

It does not matter any more whether your bank offers tenants by entireties account labels or even if the bank understands entireties accounts. It does not matter whether the spouses were married when they opened their joint account, or whether one spouse opened the account before marriage and added their spouse to the same account after the wedding. It does not matter if your account title is owned husband OR wife versus husband AND wife. None of these types of issues  matters according to a reasonable interpretation of this statute.

The bank account will not be an entireties account if the debtor and spouse indicated somewhere in writing that they want a different type of account. Also, the strong presumption of entireties ownership applicable to bank accounts does not apply to personal property such as brokerage accounts and vehicles. Other than marital bank accounts there are many technical traps in establishing entireties ownership of personal property.

 

Last updated on May 22, 2020

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Jon Alper

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      • Offshore Bank Accounts
      • Offshore Planning
      • Offshore Trusts
    • Judgment Collection
      • Judgment Collection
      • Bitcoin and Cryptocurrency
      • Deficiency Judgments
      • Fact Information Sheet
      • Head of Household
      • IRS Tax Debt
      • Not Paying Judgments
      • Statute of Limitations
      • Wage Garnishment
      • Writ of Garnishment
    • Wills and Trusts
      • Avoiding Probate
      • Estate Planning
      • Gun Trusts
      • Inheritance Tax
      • Irrevocable Trusts
      • Last Will and Testament
      • Living Trusts
      • Living Will
      • LGBT Estate Planning
      • Power of Attorney
      • Probate
      • Special Needs Trust
      • Trust Administration
    • Bankruptcy
      • Attorney Fees
      • Chapter 7 Bankruptcy
      • Chapter 13 Bankruptcy
      • Dealing With Creditors
      • Involuntary Bankruptcy
      • Moral Issues
      • Orlando Bankruptcy
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