When Joint Ownership Becomes Messy, You Need Partition Action
Although it may sound strange, it’s actually quite common to find out that you own a property with someone you don’t know. This can happen if you own a property with someone else, that person passes away and their shares of the property are inherited by someone else (a distant relative, a step-parent or even a stranger).
There are other situations that can make joint ownership messy:
- You co-own property with someone you don’t like – such as an ex-partner with whom you have ended your relationship.
- Joint property owners disagree about how the property is being shared – whether the expenditures and usage of the property is being fairly shared by all parties involved.
If you find yourself in any of these situations, there is a legal remedy: Partition Action.
What is Partition Action?
In Partition Action, the court steps in to divide the property fairly. When the property in question is land, the acreage can typically be divided equally without too much conflict. Of course, if part of the land is in a better location, has better soil or has a better view, the distribution might become more complicated.
When the property in question is a house or other type of building structure, the property is typically sold and the money is divided equitably among the joint owners. The court determines who gets what based on their ownership interests and in some cases their contributions to the property.
NEW Law: Heirship Property
In July 2020, a new law called Heirship Property was enacted to help family members who acquire property from a family member who passes away. This assists family members with the heirship of their newly acquired property.
Bottom Line: If you are in a messy joint ownership situation, work with a real estate lawyer to start a Partition Action in Pensacola. The team at Clear Title, a title company in Pensacola, Florida, can help you through this process. Clear Title is led by Board Certified Real Estate Attorney Stephen R. Moorhead.
To schedule a meeting with the title experts in Pensacola, contact us today at (850) 202-8518 or visit ClearTitlenwfl.com.