What does 'tenancy by the entirety' refer to?

'Tenancy by the entirety' specifically refers to a form of ownership that exists exclusively between married couples. In this arrangement, both spouses hold an equal interest in the property, and it comes with unique rights of survivorship. This means that if one spouse passes away, the other automatically inherits the deceased spouse's interest in the property, resulting in full ownership without the need for probate.

The structure of tenancy by the entirety offers additional protections that are not present in other forms of co-ownership, such as joint tenancy. For instance, this type of ownership cannot be severed or transferred without the consent of both spouses, which provides a layer of security in financial and legal contexts.

In the context of the other options, ownership by a single individual relates to sole ownership rather than joint ownership with survivorship rights. A rental agreement between spouses refers to lease transactions, which do not encompass property ownership. Ownership that allows for partition is characteristic of tenancy in common, where co-owners can separate their shares of property, contrasting the indissoluble nature of tenancy by the entirety.