A partition action is a lawsuit in which a court determines the ownership and ultimate partition of real property. Partition actions occur when two or more people own real property together, but no longer wish to do so and cannot come to an agreement on how the property is to be divided or sold.
Partition actions are common amongst individuals who own property together, but who are not married, and because of this, distribution of assets cannot occur in, for example, a divorce proceeding.
Through a partition action, the court will first decide each parties interest in the property and then will decide how the property is to be split. While property that consists of just land for example, could arguably be split, property that contains a house would be hard to split, and thus would often be required to be sold if the parties cannot come to an agreement where one buys the other out.
If a property is ordered to be sold, the court will then decide how the proceeds should be divided amongst the parties. If you find yourself in a similar situation, set up a consultation with us today.
If you have any questions about the topic discussed in this article, or any estate planning matter, please give us a call at Bononi & Company 724-832-2499.