If you are looking for a great way to maximize the benefits of owning property as a married couple, then you definitely want to look into an arrangement called tenancy by the entirety in Illinois. There are many reasons why this is so.
Protects You From Liability Lawsuits
If only one spouse holds the debt, then creditors cannot sue and claim ownership of the property. This protects not only the first spouse but the second spouse as well. It is definitely worth it to have this set up by Clarendon Hills real estate lawyers
Removes Probate From The Equation
Without the benefit of this real estate setup, if one spouse passes away without a concrete will put into place, the probate court will get involved to decide what happens to the property. However, when tenancy by the entirety in Illinois is established, the property will automatically be transferred to the surviving spouse. It really could not get any simpler than that.
Interest Is Equal
In this type of real estate arrangement, both spouses own the property equally. This means that the property cannot be sold without the approval of both of them. This applies to the property no matter who actually bought it.
Check With Your Attorney
You will definitely want to have Clarendon Hills real estate lawyers draw up the paperwork so that you do not find yourself in a situation where you didn’t have the proper forms submitted.
For more information, please contact Dan Walker Law Office for more information.
