Unmarried Couples Buying Real Estate Property Together

In this video, Samantha Fitzgerald explores the various options available for unmarried couples when it comes to holding property titles in Florida.

#1) Tenants-in-Common (TIC):
-By default, unmarried couples in Florida hold title as "tenants in common."
-This means both partners have ownership interests in the property.
-They can own equal or different percentages of the property.
-However, they cannot claim ownership of specific parts of the property.
-In the event of a tenant in common's passing, their share of the property passes to their estate or chosen beneficiary.

#2) Joint Tenants with Full Rights of Survivorship (JTWROS):
-Another option for unmarried couples is to hold title jointly as "joint tenants with full rights of survivorship."
-This gives each person an equal share of the property and the right to inherit their partner's total share after their passing.
-Both individuals have equal rights to the property, and survivorship rights apply if one partner passes away.
-JTWROS can only be used if both owners purchase the property at the same time and have an equal share.

#3) Tenant by the Entireties (TBE):
-TBE is a unique option primarily available to married couples in Florida.
-It provides enhanced asset protection by treating the couple as a single legal entity, protecting the property from the individual debts of either spouse.
-In the event of one spouse's passing, the surviving spouse automatically becomes the sole owner of the property without going through probate.

Have questions or comments on estate planning? Leave a comment or reach out to us at Info@EstateandProbateLawyer.com.

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