Property ?--Creditors rights w/ marital interests/JT

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Property ?--Creditors rights w/ marital interests/JT

Postby RR320 » Wed May 02, 2012 12:33 pm

I feel like my notes contradict each other. What are creditors rights in terms of marital interests and joint tenancies?

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Re: Property ?--Creditors rights w/ marital interests/JT

Postby gdane » Wed May 02, 2012 12:43 pm

This was from my property outline last semester.

In most states creditors cannot attach property held through tenancy by the entirety to satisfy the debts of one of the spouses. The interest of one spouse in real property, held in tenancy by the entirety, is not subject to levy and execution by his or her individual creditors absent consent of both spouses. Sawada v. Endo.

Creditors cant go after assets of a spouse for debts incurred by the other spouse. Policy: Family solidarity and allowing for convenient administration of the decedents estate without worrying about decedents debts. Reasoning: Mr. and Mrs. Endo did not individually own the house. It was owned by both of them. Since Mr. Endo did not have an individual interest, there was nothing that was subject to his debtors.

I hope this helps. Good luck!

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