Husband and wife can hold property as which of the following?

In Oregon, when a husband and wife own property together, they can hold it as Tenants by the Entirety. This form of ownership is unique to married couples and offers specific legal protections and benefits. One of the key features of Tenancy by the Entirety is that it treats the couple as a single legal entity, meaning that neither spouse can unilaterally sell or encumber the property without the consent of the other. This form of ownership also provides protection from creditors; typically, creditors of one spouse cannot attach property held in this manner because it is considered jointly owned.

The benefits of Tenancy by the Entirety include the right of survivorship, which ensures that upon the death of one spouse, the surviving spouse automatically becomes the sole owner of the property without the need for probate. This can be particularly advantageous for estate planning purposes.

Understanding the distinctions between other forms of property ownership, such as Tenants in Common or Joint Tenants, is crucial for property management as those arrangements have different implications regarding ownership rights, transferability, and the handling of debts. Sole Ownership, while applicable to one individual, does not reflect the marital partnership intended in this scenario. Hence, Tenants by the Entirety is the most appropriate choice for a