Property Partition Actions & Their Effects
Property Partition Defined
Property partition is a legal process used to divide real property owned jointly by two or more people or entities, such as friends, siblings, trusts, businesses, or an unmarried couple. It is used when owners cannot agree on how the property should be used or disposed of and is normally more friendly and less expensive than other legal remedies.
The process is most often employed when real estate owners separate, children inherit a property, or a business partnership dissolves without an agreement in place. It is usually only applied to undeveloped or rural land, and is more complex to split up any property that has housing or buildings on it. Partition is typically the last resort for owners, and so should be considered only after all attempts to reach an agreement have been exhausted.
There are two types of partition actions: partition in kind, where the legal title to the property is divided among the owners, and partition by sale, where the property is sold at auction and the proceeds are divided among the owners. Partition by sale often occurs if the court cannot divide the property in a way that is equitable for all parties involved.
In the case of a partition by sale, the court may order the associated fees and costs to be paid out of the sale proceeds. In addition, taxes due at the time of the sale must be paid from the proceeds.
Ultimately, the reason for partition will depend on why the owners originally purchased the property and can vary widely. Some common reasons include when divorcing spouses cannot agree on the disposition of a marital home or when siblings disagree on how to manage and use inherited property.
Property Partition Action In Miami-Dade County
You can file an Action for Partition in Florida if you want to compel the sale of a property. Florida law recognizes the right of multiple individuals or legal entities to own a single piece of property together.
Unfortunately, it’s not uncommon for co-owners to disagree on how to run the business or whether or not to sell a property. To put it another way, a Partition Lawsuit is just a plea to the court by one owner to force the property to be sold.
Florida homeowners may opt for a property partition for a variety of reasons. Most often, this occurs when one or more children receive an inheritance property and become joint owners. This is also the case when a previously unmarried couple owns a property jointly and then breaks up, or if a business partnership ends and its members cannot agree on how to divide the assets.
Every other landowner is named as a defendant in the lawsuit. Legal action must be taken in the county where the property is situated. It is up to the court, once a partition lawsuit has been filed, to decide whether or not the estate should be marketed and how the funds should be divided among the owners.
Some owners may be granted a larger portion of the sale price based on the work they did on the property or the money they put toward the mortgage or property taxes. It is customary for mortgages and liens to be paid from the proceeds from the sale before any remaining funds are distributed to the owners.
When you need to divide a piece of property, it is important to work with a lawyer who has experience in this area. A good property lawyer can help you understand your rights so that you can make an informed decision about how to proceed.
Property Partition & Estate Planning
Clients who wish to retain ownership of their current property are a common source of calls to property partition attorneys. The fact of the matter is that you’ve got choices.
Real Estate Lawyers Can Arrange A Settlement
A property partition lawyer can help you negotiate a legal agreement that permits you to retain the property even if one of the other owners wants to divide it up. Having an agreement option allows the parties to work out the details that are particularly important to them.
A settlement can be reached through mediation if an agreement cannot be reached through private negotiations. The mediation process involves a third party who acts as an impartial facilitator to help parties reach an agreement.
Mediators are neutral and will not take sides. They maintain their neutrality and focus solely on helping the parties reach a compromise that will satisfy all of their needs.
Property Lawyers Can Facilitate Buy-Outs
There is still hope even if you are unable to negotiate a settlement that would allow you to keep the property. The Special Magistrate may sell you the land. The sale will be overseen by a Special Magistrate who has been appointed by the court. A property lawyer will be glad to assist you in negotiating the purchase of the property once it is made available for sale.
Uniform Partition of Heirs’ Property Act. You can refer to this act to negotiate a buyout. In July 2020, lawmakers passed a law allowing heirs of real property to negotiate a buyout with unwilling sellers. However, for those who do meet the requirements, the Heirs Act is a brilliant choice.
It can be confusing and intimidating to navigate the legal system, especially when you have a dispute that needs to be resolved as quickly as possible. Property partition lawyers will work with the client to come up with a plan for dividing their property. They can help you negotiate with any other individuals or families who are interested in sharing their inheritance.
Partition Actions During Probate & Trust Administration
When there are multiple heirs (often siblings) to an estate, it can be difficult for them to reach a consensus on how to divide up the property. Some siblings would like to sell the family home while others would like to move in rent-free. This can lead to tension within the family, as well as emotional distress, financial strain, and other negative outcomes.
Probate Partition Action
Although other co-owners object, the law provides a procedure for dividing the property in such a case. Any property beneficiary in Florida can request for probate property partition of the asset under Florida law once probate has been opened.
In the absence of a probate administration, a probate partition action can be brought in a separate civil lawsuit. It can be contentious for heirs to divide up valuable assets like the family home. That’s why it’s crucial to work with an experienced property partition lawyer.
In the Sunshine State, a partition can happen either inside or outside of the probate process. Florida Statutes 733.814 governs the division of assets in probate cases. Disputes can arise when people are entitled to share in the allocation of real estate following the death of a loved one. Sometimes, one inheritor intends to dispose of and sell the asset while the other wants to keep it in the family.
Buy-Out During The Administration
One common strategy for settling this kind of dispute is for one party to offer to “buy out” the other. When an heir requests the probate court during the administration of the estate, a forced sale may be necessary to satisfy the competing goals of the parties. If the property cannot be divided fairly among the owners, the court may order the personal representative to sell it.
Keep in mind that if a party objects to the partition, the property cannot be split through forced sale. This is especially true if all other options have been exhausted and there is no other way for both parties to agree on how their shared property should be divided up between them. This matter illustrates the significance of hiring a seasoned property partition lawyer to handle your case.
Real Estate Attorneys In Settling Disputes
When you’re in the middle of a property partition, it can feel like you’re being pulled in every direction at once. You want to know what is the favorable course of action for you and how much it will cost. You also want to make sure that you don’t get taken advantage of by your co-owners.
A property partition lawyer’s job is to help you navigate these waters. They’ll give you an honest assessment of how much your case is worth, and they’ll work with you to make sure that everything is handled correctly within the law. Property partition lawyers are also adept at handling difficult situations—like when there are conflicts between co-owners who aren’t willing to compromise.
When you’re working with a property partition attorney, it’s important to know that they’ll be able to help you navigate the complex legal process of dividing up your assets. Some of the ways that a property partition lawyer can help you are by making sure that you get what’s fair and just for your situation, providing legal advice about how to proceed with asset division, and helping you understand the steps involved in dividing up your estate.
The Proverbial “Partition Attorney Near Me” Search
If you are planning on filing an Action for Partition or have been made party to one, you are in need of a partition lawyer’s services. The best option is to hire one that has offices in your area for convenience. However, do not compromise quality for proximity. You can easily pull up a list of law firms through Google or Bing and type in “partition attorney near me”. This should give you a list of law firms in your area along with their addresses, contact information and most importantly, show you reviews from their existing clients.
The Estate Plan is an estate planning law firm that offers capable partition services. The partition lawyers at the firm along with their team of experienced legal staff can provide guidance to.