Pennsylvania law provides certain protections for marital property. Property owned by married couples in PA – whether real estate or personal property, such as furniture and vehicles – is considered “entireties property”, which protects such property from the collection efforts of a creditor of only one spouse. For instance, if the husband owes a medical bill or credit card, and is sued for the debt, the creditor may only seek to collect against money and property owned solely by the husband, and may not attach or foreclose against property owned jointly. As with most rules there are exceptions, and creditors may be able to reach property previously owned by one spouse but recently transferred to both spouses, and the IRS can pretty much take whatever it wants, but as a general rule there are benefits for married couples having property owned jointly.
(Visited 10 times, 1 visits today)