It’s relevant when deciding how you hold title to real estate. Typically there are 3 ways to hold title (depending on the state) - here are examples which maybe explain it:
First example; You and your brother want to go in together to buy a DVC contract. If something happens to you, you want your share to go to your family, if something happens to him he wants his share to go to his family. You would want to hold title as tenants in common, if one of you dies your interest in the contract will go through probate w/ the rest of your estate and your heirs would get your share.
Second example; You want to buy a DVC contract and want your adult child and their separate household to get the DVC member perks and to inherit the contract when you die. You might want to put your child on the deed and hold title as joint tenants with right of survivorship. This way your child automatically owns the contract when you pass w/out going through probate. You might also be able to hold as just plain joint tenants, but I’m not sure about that in Florida. Note, in this scenario both your creditors and your child’s can go after the asset.
Third example; You and your spouse want to buy a DVC contract and if something happens to one of you you want the other to automatically inherit the contract. Plus you’re a little worried that some creditors might try to collect on some debts you owed from before you were married (your separate debt.) You might want to hold as tenants by the entirety. Not only will you avoid probate, but your creditors from that debt can’t go after your DVC contract because your innocent spouse is protected from your separate debt when you hold title as tenants by the entirety.
There are other differences but those are the biggies in my mind. You can only hold title as tenants by the entirety if you are legally married. There are nuances which only real estate/probate/bankruptcy lawyers get excited about
There may be situations were married people choose to not hold title as tenants by the entirety, for example, if you have children from a previous marriage whom you want to inherit your interest you might prefer to hold as tenants in common, but generally by the entirety is most often chosen by married couples.