Legal Question in Real Estate Law in Illinois

Re: Tenancy

From our website at:

http://www.thomasmoens.com/tenancy_by_the_entirety.htm

The primary difference between tenancy by the entirety and joint tenancy is that joint tenants may deal with the property as they wish. If one joint tenant decides to convey her interest in the property, that interest is conveyed, and the joint tenancy is destroyed. In tenancy by the entirety, each tenant effectively owns the entire estate. Therefore, neither can deal with the property independently of the other. The main advantage of this difference is that judgment creditors of one party cannot enforce their liens against the property. If the debtor spouse dies first, the lien can never be enforced against the property. Of course, if the non-debtor spouse dies first, the lien could be enforced.

There are some potential disadvantages as well. Property held in tenancy by the entirety cannot be severed by a partition action filed by one of the parties. If one spouse disappears or becomes incompetent, there can be difficulties in transferring or encumbering the property. There may also be certain estate planning ramifications which should be discussed with the client in detail. For example, a surviving spouse may be unable to disclaim the interest of the decedent.