Please explain the legal benefits my wife and I would have if our account ownership was listed as joint tenants by entireties. We live in Florida.
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Florida may be one of only a handful of states to recognize deposit account ownership in the form of tenancies in the entirety. In fact, when joint deposit accounts are opened by spouses in Florida, "T by E" is the default form of ownership. Only spouses can hold accounts in this fashion.
T by E ownership usually affords spouses some extra protection for their jointly owned property. For example, in states that don't recognize T by E ownership for joint accounts, a joint account owned by spouses can be attached or set off against for the obligations of one of the spouses. A T by E joint account would be immune from attachment by creditors or set off for the debts of only one of the joint owners.
That's a rudimentary explanation of that form of account ownership. For a fuller explanation of the benefits of ownership as tenants by the entirety, check with an attorney.
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Florida may be one of only a handful of states to recognize 