What does it mean when a husband and wife hold property as tenants by the entirety?

When a husband and wife hold property as tenants by the entirety, it means they own the property jointly with rights of survivorship. This legal arrangement is specifically designed for married couples, providing them with equal ownership of the entire property. Each spouse has an undivided interest in the property, which means that neither can sell, transfer, or mortgage the property without the consent of the other. Importantly, if one spouse passes away, the surviving spouse automatically inherits full ownership of the property, ensuring a seamless transfer of rights and preventing the property from being divided or passed to heirs outside of the marriage.

This legal structure provides both protection and rights unique to marital ownership, distinguishing it from other forms of ownership like joint tenancy or tenancy in common, where the rules regarding survivorship and division can differ significantly.