What is a key characteristic of "Tenants by the entirety" ownership?

"Tenants by the entirety" is a specific form of joint property ownership that is predominantly available to married couples. A defining feature of this ownership type is the right of survivorship, meaning that if one spouse passes away, the entire interest in the property automatically transfers to the surviving spouse without the need for probate. This creates a seamless transition of ownership and helps in avoiding the complexities and delays associated with the probate process.

This ownership structure also provides additional protections, as the property cannot be partitioned or sold without the consent of both spouses. It reflects an obligation of unity in ownership, ensuring that both parties have equal rights to the property while protecting the interest of the surviving spouse.

The other options present different types of ownerships or characteristics that do not apply to "Tenants by the entirety." For example, ownership shared among business partners generally relates to forms like partnerships or limited liability companies, while equal ownership without survivorship rights reflects a tenancy in common. Division of property among heirs pertains to estate planning, which is unrelated to the survivorship aspect of "Tenants by the entirety."