Co-ownership Breakup and Partition

Co-ownership Breakup and Partition

What is a Partition Action?

Real Estate is often the largest single investment that a person or a business may make or own.  Sometimes individuals and businesses become the co-owner of a piece of residential or commercial property along with friends, family members or fellow investors.  Many things may thereafter occur which may make a partition action necessary.  Simply put, a partition action is the legal process of dividing property equitably between or among co-owners.  This process does not apply to co-owners who are married and therefore subject to the jurisdiction of the family court for division of property.
The reasons why a partition action may become necessary are numerous:
  • One of you may want to sell the property and the other does not;
  • There may be disagreement on how or at what price to sell the property;
  • One or more of the co-owners may not have been contributing to the expenses of the property and the co-owners have not be able to resolve their differences;
  • There may be a dispute about how the property is used and who is entitled to use it.

How Can an Attorney Help?

A real estate Attorney can gather the necessary documentation and prepare the Partition lawsuit to represent your position.  They will create a timeline and a narrative to explain the history of the property and the co-ownership agreement.  To help you get a favorable outcome, the Attorney will gather and argue facts and law to help you achieve your objectives whether they are to be repaid expenses you are entitled to, to get an Order for the sale of the property, or to otherwise protect your investment in the property.  The Court has broad powers and may Order the sale of the property and may also determine how the proceeds should be distributed among the co-owners.  The Court can also divide up, or “partition” the property to create separate ownership for each co-owner to do as they wish with.  Finally, the Court can also use a process known as partition by appraisal whereby one or more co-owners are ordered to buy out the others at a price determined by the Court.
Wherever you are in the process, the Attorneys at Law Office of Marc Grossman have the experience that matters to guide you through the process to protect your ownership rights in your property.  Consultations are always free and without obligation.  Attorney Marc Grossman has been practicing real estate law for over 25  years and is also a licensed real estate broker.
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