What is the name of your state (only U.S. law)? Florida
I have read the earlier thread on “Tenants by the Entirety” in this forum. I am in a similar situation but I am facing a civil lawsuit from my former friend. I am preparing for the worst possible scenario.
I have a property that is owned jointly by me and my wife and it is protected by Tenancy by the Entirety. We receive around 5K rent from that property per year.
I have a job and receive monthly salary. I put my salary and the rent from that property in one or more bank accounts that are on my name or my wife’s name (the accounts are not created as tenancy by entirety. We moved money between these accounts). I have no other source of income except my salary and the rent. My wife has no job for the last several years and she depends on me for financial survival. We have a dependent child. I read Florida law 222.11 on Exemption of wages from garnishment. I provide more than one-half of the support for my child and wife and I did not waive this protection ever. Now my questions are
(1). Whether the former friend or court can take away my (or my wife's) current or future bank balance?
(2). If YES then which portion of the bank balance he/court can take away (rental part or my salary)?
(3). Every month, I spend some money (for groceries, cloths, car insurance, etc), from the bank accounts, for me and my family survival. That money I spent (and will spend) be counted as if I am spending the rental income or my salary or both?
Any additional information on how to protect my (or my wife's) bank balance is highly appreciated.
I have read the earlier thread on “Tenants by the Entirety” in this forum. I am in a similar situation but I am facing a civil lawsuit from my former friend. I am preparing for the worst possible scenario.
I have a property that is owned jointly by me and my wife and it is protected by Tenancy by the Entirety. We receive around 5K rent from that property per year.
I have a job and receive monthly salary. I put my salary and the rent from that property in one or more bank accounts that are on my name or my wife’s name (the accounts are not created as tenancy by entirety. We moved money between these accounts). I have no other source of income except my salary and the rent. My wife has no job for the last several years and she depends on me for financial survival. We have a dependent child. I read Florida law 222.11 on Exemption of wages from garnishment. I provide more than one-half of the support for my child and wife and I did not waive this protection ever. Now my questions are
(1). Whether the former friend or court can take away my (or my wife's) current or future bank balance?
(2). If YES then which portion of the bank balance he/court can take away (rental part or my salary)?
(3). Every month, I spend some money (for groceries, cloths, car insurance, etc), from the bank accounts, for me and my family survival. That money I spent (and will spend) be counted as if I am spending the rental income or my salary or both?
Any additional information on how to protect my (or my wife's) bank balance is highly appreciated.
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