Partition problems arise when there are several individuals having joint ownership over real estate property. These typically arise due to disagreements between the involved parties. For example, one party wants to sell its share of the property while the other refuses.
These problems typically occur between siblings who inherit a property via estate planning in Brooklyn or other areas. It popularly occurs between boyfriends and girlfriends as well as parent and child.
A partition action allows all parties owning the real estate to receive their share of the property and separate. While this might sound straightforward, it can get quite complex. This is why this blog dives deeper into partition action and the best way to deal with them.
What Is Partition Action?
As mentioned, there are several reasons why partition problems may arise. For example, when one party wants to sell the property but the other doesn’t. Similarly, one party might want to renovate the property, but the other does not want to.
In cases of disputes over property and related issues, a partition action may be taken. This legal action allows the parties to sell the property, take their share of the equity, and go their own ways. The joint owners have a legal right to seek partition action when such instances occur.
There are three types of partition action that can be taken in case a partition problem arises:
Partition in kind
This is the most favorable and popular partition action because it is simpler than the other options. This involves the physical division of the property and is given to the owners, which is why it is suitable for large lands and farms.
Partition by sale
As the name suggests, the court appoints a realtor to sell the property. Once the property is sold, the funds are distributed to the owners based on their credits and debits.
Partition by appraisal
This occurs when the parties agree to get the property appraised, and one of them decides to buy the other’s share based on the appraised value. This is the rarest type of partition action since it requires both parties to agree beforehand.
How to Seek Partition Action?
While the court recognizes partition problems and the right of owners to seek partition action, the process is not as simple. Individuals will first need to file a legal complaint with the help of a New York or Queens Estate lawyer. Once the case goes to court, the judge will decide which type of partition action is most suitable, depending on the case.
In some cases, this might not go to court. The owners may resolve the issue with the advice of a lawyer. However, if they don’t agree, they can seek partition action through the court.
Ledwidge & Associates Can Help You
Partition problems are common in New York State, so Joseph Ledwidge attorneys are the best estate law attorney Brooklyn to choose for these situations. We help with estate planning in Brooklyn and New York and with resolving partition problems with partition action.
Visit our website to learn more about us and to book a consultation with us!
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