A. Spouses may own real or personal property as tenants by the entirety for as long as they are married. Personal property may be owned as tenants by the entirety whether or not the personal property represents the proceeds of the sale of real property. An intent that the part of the one dying should belong to the other shall be manifest from a designation of the spouses as "tenants by the entireties" or "tenants by the entirety."
B. Except as otherwise provided by statute, no interest in real property held as tenants by the entirety shall be severed by written instrument unless the instrument is a deed signed by both spouses as grantors.
C. Notwithstanding any contrary provision of § 64.2-747, any property of spouses that is held by them as tenants by the entirety and conveyed to their joint revocable or irrevocable trusts, or to their separate revocable or irrevocable trusts, and any proceeds of the sale or disposition of such property, shall have the same immunity from the claims of their separate creditors as it would if it had remained a tenancy by the entirety, so long as (i) they remain married to each other, (ii) it continues to be held in the trust or trusts, and (iii) it continues to be their property, including where both spouses are current beneficiaries of one trust that holds the entire property or each spouse is a current beneficiary of a separate trust and the two separate trusts together hold the entire property, whether or not other persons are also current or future beneficiaries of the trust or trusts. The immunity from the claims of separate creditors under this subsection may be waived as to any specific creditor, including any separate creditor of either spouse, or any specifically described property, including any former tenancy by the entirety property conveyed into trust, by the trustee acting under the express provision of a trust instrument or with the written consent of both spouses.
2001, c. 718, § 55-20.2; 2006, c. 281; 2015, c. 424; 2017, c. 38; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 1 - Creation and Limitation of Estates
§ 55.1-100. Aliens may acquire, hold, and transmit real estate; when reciprocity required
§ 55.1-101. When deed or will necessary to convey estate; no parol partition or gift valid
§ 55.1-102. When gift of personal property invalid
§ 55.1-103. Suicide or attainder of felony
§ 55.1-104. Estates to lie in grant as well as in livery
§ 55.1-105. Same estates may be created by deed as by will
§ 55.1-107. Default or surrender of tenant for life not to prejudice remainderman
§ 55.1-108. Conveyance of estate or interest in property by grantor to himself and another
§ 55.1-109. Deed valid for grantor's right; operation of warranty
§ 55.1-110. Conveyance, devise, or grant without words of limitation
§ 55.1-111. Fee tail converted into fee simple
§ 55.1-113. Doctrine of worthier title abolished
§ 55.1-114. When contingent remainder not to fail
§ 55.1-115. When remainders not defeated
§ 55.1-116. In what conveyances possession transferred to the use
§ 55.1-118. Deed of release effectual
§ 55.1-119. When person not a party, etc., may take or sue under instrument
§ 55.1-120. Informalities in deeds made by attorneys-in-fact
§ 55.1-121. Time for objections to irregularities in advertising sales made by trustees
§ 55.1-122. Recovery at death of life tenant of taxes paid on life estate
§ 55.1-123. Removal of a cloud on title; nature of plaintiff's title
§ 55.1-124. Uniform Statutory Rule Against Perpetuities
§ 55.1-125. When nonvested property interest or power of appointment created
§ 55.1-127. Exclusions from statutory rule against perpetuities
§ 55.1-128. Prospective application
§ 55.1-129. Uniformity of application and construction
§ 55.1-130. Certain limitations construed
§ 55.1-132. Determination of "lives in being" for purpose of rule against perpetuities
§ 55.1-133. Application of the rule against perpetuities to nondonative transfers
§ 55.1-134. Survivorship between joint tenants abolished
§ 55.1-135. Joint ownership in real and personal property
§ 55.1-136. Tenants by the entirety in real and personal property; certain trusts