If you own land with another individual and you would like to set up a company, build a home or sell it, a property partition action can be brought on to divide the real estate in individual shares among the owners. A partition, or division, of property is willingly done if all owners agree to the property partition action. On the other hand, if the owners cannot come to an agreement, a judge can order a division of the real estate. The majority of the time, a property division action involves the separation of real property like farmland or a home. However, there are situations in which a property partition action has involved personal assets, such as stocks.
There are two different types of voluntary property partition actions and our estate planning lawyers are experienced in dealing with both types. They are:
Unlike a voluntary property partition action, a court-ordered property partition action, also known as a compulsory partition, is subject to various legal principles such as statutory limitations, laches (also referred to as undue delay) and public policy. Also, the property partition action case is decided on many different factors such as titles, rights, and interest of the parties involved in the suit.Do you have additional legal questions regarding a property partition action? Our estate planning attorneys are here to help! Contact a local probate lawyer today to learn more about property partition actions and how the laws apply to your specific case. It is important to ensure that you protect what is rightfully yours.
Did you know?
In specific scenarios, certain steps can be taken to evade property partition actions, or for at least a certain amount of time.
For instance, a co-tenant who agrees not to divide up the property may be barred from claiming his or her prerogative to the property, especially if the agreement is in writing. Additionally, a co-tenant that acquires title through an instrument that includes a non-partition agreement will be bound by those conditions.