If you live in Michigan and you’re married, you have a big creditor-protection weapon. It’s called “tenants by the entireties.” Many people think the protection is just for real estate, but it’s not. Michigan statute makes it apply to all sorts of assets, including investment accounts. If you hold an asset with your wife as “tenants by the entireties,” a judgment against you won’t be enforceable against your entireties property, unless the creditor also has a judgment against your spouse. Look into it.

There are trade-offs and other issues to consider, incidentally. Like anything on this blog, no advice should be taken without consulting a qualified professional.

Tweet