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2014 SESSION
14101104DBe it enacted by the General Assembly of Virginia:
1. That § 55-20.2 of the Code of Virginia is amended and reenacted as follows:
§ 55-20.2. Tenants by the entireties in real and personal property; certain trusts.
A. Any husband
and wife married
couple may own real or personal
property as tenants by the entireties. Personal property may be owned as
tenants by the entireties whether or not the personal property represents the
proceeds of the sale of real property. An intent that the part of the one dying
should belong to the other shall be manifest from a the designation of a husband
and wife married
couple as "tenants by the
entireties" or "tenants by the entirety."
B. Any property of a husband
and wife married
couple that
is held by them as tenants by the entireties and conveyed to their joint
revocable or irrevocable trusts, or to their separate revocable or irrevocable
trusts, shall have the same immunity from the claims of their separate
creditors as it would if it had remained a tenancy by the entirety, so long as
(i) they remain husband and wife a lawfully married
couple, (ii) it continues to be held in the trust or
trusts, and (iii) it continues to be their property.
C. The provisions of this section shall apply to any marriage recognized under the laws of any state of the United States.