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Joint Tenants



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BoatWiki - Definitions

Definition


Tenants by the entirety is a type of boat ownership for married couples only. Spouses own an equal share of the equity so long as they remain married. This usually infers a right of survivorship where title passes to the surviving spouse. Creditors can not take action against the boat on a non-related debt that was created by only one spouse.

Conclusion


Matters of property ownership are regulated on the state level and may differ within different jurisdictions. Ownership methods may also create both legal and tax consequences. It is, therefore, best to consult with an attorney and tax professional before making such choice.


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3/1/2022 - Page initiated by Team BoatWiki.





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