Which of the following best defines a tenancy by entirety?

A tenancy by entirety is defined as a joint ownership structure that is exclusively available to married couples. This legal arrangement establishes a form of ownership where both partners have equal rights to the property and there is a right of survivorship. This means that if one spouse passes away, the surviving spouse automatically inherits the deceased spouse's interest in the property, thereby ensuring that the property remains with the surviving spouse without the need for probate.

This form of ownership is distinct from other types of joint ownership, such as tenancy in common or joint tenancy, which can involve individuals who are not married and do not provide the same automatic transfer of rights upon death. In the context of the other options provided, the other choices do not accurately capture the unique nature of a tenancy by entirety, particularly its applicability solely to married couples, highlighting why the chosen definition is the most accurate in this context.