Partition Actions Are When One Party to a Jointly-Owned Property Wants to Sell Their Ownership Rights
A Colorado Partition Action can be maintained by any person having an interest in a piece of an individual or real property. Partition most often appears in situations in which there are multiple owners of a piece of property who are unable to decide what should be done with the property. This can include:
- Couples owning a house together
- Property inherited by heirs to an estate
- Multiple people holding title to a car
- Various instances where multiple parties have an interest in a property.
Sometimes, an amicable solution can be reached when deciding how to dispose of the property, such as one party buying out the interests of the other parties, or the other parties willingly signing away their interests. However, it is also possible that the parties will not agree on how to distribute the property in dispute. In cases such as this, the partition may be an appropriate remedy.
The process of partition consists of petitioning the court to split the property, which will occur in one of two ways. If possible, the property will be physically split in a way that is fair to the parties involved.
Partition in this manner may occur in cases involving tracts of real estate that can be split into separate parcels. Alternatively, the court may order the sale of the property, in which case, the proceeds will be split in an equitable manner between the interested parties.
Ultimately, a partition is appropriate as a legal remedy when parties with a shared interest in a property cannot agree on what should be done with the property. In these cases, asking the court to split the property may be the only way to resolve the issue of ownership.
When you need to speak with a Colorado Partition Action Lawyer, it would be beneficial to speak with one from Baker Law Group (A Denver Partition Action Law Firm).