What type of interest does each spouse have in a property held as tenancy by the entirety?

In a tenancy by the entirety, each spouse holds an undivided interest in the property. This means that both spouses have equal rights to the whole property, not just a portion or divided part of it. This type of ownership is typically utilized by married couples and is characterized by the unity of possession, meaning that neither spouse can sell or transfer their interest in the property without the consent of the other.

The concept of undivided interest ensures that both parties essentially own the entire property together, making decisions about the property jointly. This arrangement also provides certain legal protections, such as shielding the property from the individual debts of one spouse, thus reinforcing the partnership aspect of marriage within their shared ownership.

Understanding this concept is essential for real estate practitioners, as it affects how property disputes may be resolved and how interests are treated in situations like divorce or creditor claims. The clarity around the idea of undivided interest helps avoid confusion regarding property rights and responsibilities within marital relationships.