                                 CODE OF VIRGINIA

TENANTS BY THE ENTIRETY IN REAL AND PERSONAL PROPERTY; CERTAIN TRUSTS (§
55.1-136)

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 &#8220;tenants
by the entireties&#8221; or &#8220;tenants by the entirety.&#8221;

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 &#xA7; 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.

HISTORY: 2001, c. 718, § 55-20.2; 2006, c. 281; 2015, c. 424; 2017, c. 38;
2019, c. 712.