What Is A Partition Action? What Circumstances Necessitate A Partition Action?
A partition action is what happens when partners have a separation or divorce. They co-own property and they no longer want to own the property together. They go to the court and ask the court to partition their property.
Are Partition Actions Available For Commercial Property As Well As Residential Property?
Whenever partners can no longer get along and they no longer desire to be partners, they have the equitable relief of partition available to them.
What Type Of Relief Can Be Granted By The Court In A Partition Action?
The court is sitting as a court of equity and they are attempting to equitably resolve the situation. Typically, the court has the power to force the sale of property that cannot be partitioned without great prejudice. The court can divide the property when it is able to be easily divided, or the court can fashion some other type of equitable remedy, such as giving one partner the property and giving the other partner money.
Can The Court Order Other Types Of Relief In a Partition Action?
The court can fashion other types of relief as a combination. They can also, in the case of two corporations that owned a third corporation, treat a partition action as a dissolution action as well. Upon the sale of the properties, the company would be permanently dissolved.
Are There Ways To Resolve A Partition Situation Without A Court Order Of Sale?
The court has the ability to fashion any remedy. They may award the property to one of the partners and give the other one a monetary award that corresponds to half the value of the property. They could divide the properties evenly. A court-ordered sale is usually the last of the preferred methods of dealing with the property in New York.
Can I Bring A Partition Action Myself?
Generally, a partition action would require the assistance of an attorney, as it is a very long, drawn-out process in which you are asking the court for equitable relief. It would probably involve the appointing of a referee, which is another attorney appointed by the court to determine the value of the property. They may solicit appraisals, speak to their real estate broker, and look at the particularities of the property to see if there is something that makes it more valuable.
What Documents Do I Need When Discussing A Partition Action With My Attorney?
If the property in question was owned by two brothers or two friends, you may not need much documentation. You should bring a list of any invoices, checks, or anything related to the property, its use, or taxes you’ve paid on it. If you’ve been paying all the taxes for 10 years and your brother lives there and pays nothing, what you would want is an accounting. An accounting is a formal reconciliation of accounts between the two or more partners and this can be ordered by the court. If you’ve spent $100,000 more than your partner, then when they divide and sell the property, the court may say that you get the first $100,000 to reimburse you for your previous expenses. The two of you would then split what is left over.
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