What is the definition of tenancy by the entirety?

Tenancy by the entirety refers specifically to a form of joint ownership that is available solely to married couples. This type of ownership provides both spouses with an equal and undivided interest in the property. It also includes unique legal protections, such as the inability for one spouse to sell or transfer their interest in the property without the consent of the other spouse.

In this form of ownership, if one spouse passes away, the surviving spouse automatically becomes the sole owner of the property, avoiding the complications of probate that can affect tenants in common or joint tenants who are not married. This characteristic emphasizes the unity of the marital relationship within ownership and highlights the protective aspects afforded to married couples in property ownership.

Other forms of ownership, like those among unrelated parties or unmarried individuals, do not carry the same legal implications and rights associated with tenancy by the entirety. Hence, joint ownership among married couples is distinctly defined under this term, making it the correct answer.