Not looking for legal advice. My in-laws previously lived in another state, and after purchasing a home in FL my father-in-law (FIL) was named as a defendant in a civil suit. Long story but someone took off with a law firm’s money, and FIL was providing consulting services on a specific aspect of the firm’s finances… partner screws firm and clients out of investments, disgruntled client sues anyone and everyone, including FIL.
Months later, lots of legal fees paid to lawyers in previous state, and in-laws live in FL, and tell phungal (their daughter) that they heard jointly-owned property and assets cannot be touched… they are not actively pursuing legal advice, and the main defendant has now declared bankruptcy.
Tried to do some online searching for clarification but found myself reading civil statutes.
SO, any Florida Doper Lawyers that can point me to the correct law or information, if it exists.
Florida allows a married couple to title their property as “tenants by the entireties” which essentially protects properties so titled from creditors of only one member of the couple until one person dies. It does not protect against joint creditors. Few states allow this form of ownership. And property titled as “joint tenants in common” does not have special protection.
If this is a real problem, consult a Florida attorney. Do not assume they are protected.
Addendum: A recent Supreme Court ruling has weakened the protection against tax debts.
Oops, I forgot (and it’s too late to edit) about Florida’s homestead exemption that also provides protection against creditors (whether jointly owned or not). That’s allegedly the reason OJ Simpson and other high-profile rich people own out-sized mansions in Florida: they can be out of reach of creditors. Note, however, that this does not protect other property such as bank accounts, investments, etc.
There are other lawful means to protect such assets. Anyone facing the situation described in the OP should consult an attorney licensed in the appropriate jurisdiction.