What is tenancy by the entirety?

Tenancy by the entirety is a unique form of property ownership that is specifically available to married couples. Under this arrangement, both spouses hold an equal interest in the property, and significant features include the requirement that neither party can sell, transfer, or encumber the property without the consent of the other. This arrangement is designed to protect both partners, ensuring that decisions regarding the property must be mutual.

Additionally, tenancy by the entirety offers certain legal protections, such as shielding the property from the creditors of one spouse alone. Both parties have a pivotal role in any transaction involving the property, which emphasizes the necessity for mutual agreement in all relevant decisions. This form of ownership reflects the collaborative nature of the marital relationship and emphasizes shared responsibility and benefit for both spouses.

The other options do not accurately capture the essence of tenancy by the entirety. It is not merely a shared ownership for family members or a temporary rental agreement, and it does not reflect a type of ownership that cannot be inherited on its own, as issues of inheritance are handled differently within the context of married couples.