Homeownership Changes for Same Sex Couples
As of January 6, 2015, Florida began recognizing same-sex marriages performed in other jurisdictions and issuing marriage licenses for same-sex marriages to be performed in Florida. This will result in some Homeownership Changes for Same Sex Couples.
Same-sex married couples who own their own homes can change the way their property is deeded.
They now have the option of becoming “tenants by the entireties,” instead of “joint tenants with the rights of survivorship”.
Tenancy by the Entirety
Tenancy by the Entirety is a special form of joint ownership that is available only to a married couple. A deed or other conveyance to a husband and wife will be presumed to create a tenancy by the entirety by default, unless some other intent is shown. Tenancy by the entireties is the easiest, most automatic way for property transfer to take place on the death of one spouse
The creation of a tenancy by the entireties is not automatic as a result of marriage. A new deed must be recorded in Public Records.
Be sure to consult with your attorney and get assistance before making any changes to the ownership of your property.
Under Florida law, married couples are only permitted one Homestead Exemption/permanent residency based property tax exemption. Unmarried couples or same-sex couples married outside of Florida were legally allowed to have separate homestead exemptions, reducing property taxes, if each person claimed a separate primary residence. Now, same-sex married couples cannot claim more than one Florida Homestead Exemption and cannot claim a Florida Homestead Exemption if either person is claiming a permanent residency based property tax exemption anywhere else. If they have two homesteads, they have to give one up for 2016.
Sea to Sky Realty
The Florida Real Estate Company with the GERMAN Twist!
Axel and Bea Weiss
Bradenton, Florida 34205
(941) 866 1666