Knowledgeable Myrtle Beach Attorneys Handle Complex Partition Actions
Business and real estate — that’s our difference
Since 1976, we’ve helped individuals, organizations, and businesses throughout our region with some of the most difficult challenges related to this issue, always offering sound advice and a detail-oriented approach that protects our clients’ best interests. With us, you get the knowledge and resources you need when faced with the difficulties of joint ownership of real estate.
What Is Partition?
A Partition Action is designed to divide property into individual shares among multiple owners. Although it is possible for all co-tenants to agree to a voluntary partition, this type of agreement can be difficult to achieve. If all owners don’t agree to partition, one or more of the owners may file a lawsuit asking the court to create a partition. If this is the case, a judge can order a partition of the property.
In most circumstances, a Partition Action is brought to divide a piece of real property, such as a home or land. However, occasionally a partition action is needed to divide personal property, such as stocks and bonds. There are three different types of partitions:
- Partition in Kind. Partition in Kind refers to the actual physical delivery of property among the parties in interest. It is a severance of the parties’ interests in the property which is the subject of partition.
- Partition by Allotment. Partition by Allotment allows one or more interested parties to retain the property in question upon payment to the remaining parties for their interests in the property.
- Partition by Sale. Partition by Sale refers to a judicially compelled sale of the property in question and division of the proceeds among the interested parties.
Because the issues involved in Partition Actions can be difficult to navigate, an experienced real estate attorney who not only understands the intricacies and nuances of joint ownership, but also litigates disputes arising from joint ownership is essential. The fact that our attorneys are both real estate and trial attorneys creates a unique perspective which differentiates us from other law firms.