What type of interest does a tenancy by entirety grant to spouses?

Tenancy by entirety is a unique form of property ownership available exclusively to married couples. This type of ownership grants spouses a joint interest in the entire property, which encompasses equal shares. One of its key features is the right of survivorship, meaning that when one spouse passes away, the surviving spouse automatically becomes the sole owner of the property without the need for probate.

Joint ownership with rights of survivorship ensures that both spouses have equal control over the property while they are both alive, and it allows property to pass seamlessly to the surviving spouse upon the death of one spouse. This is significant because it provides legal protection and simplifies the transfer of property between spouses, distinguishing it from other forms of ownership like community property or equal share ownership, which may not have the same implications for survivorship and may involve different legal considerations in terms of ownership division upon death or divorce.

Overall, this characteristic makes tenancy by entirety a favorable option for couples looking to ensure both ownership and protection of their interest in the property.