Partitions Attorney in Philadelphia, Pennsylvania
With the increasing prices of homes and property across the country, it’s no wonder that many people choose to split the costs and responsibilities with a co-owner. This can take on many forms, but is most commonly found with a married couple who purchases a home or piece of property together, but you may also co-own property with another family member, friend, or business partner, or you have a tenancy-in-common.
Hopefully, the arrangement works out beneficially for both partners, but when it doesn’t, you’ll have to come to an agreement on how you’ll handle the jointly-owned property, and this may mean seeking a partition action. This can be a rather complicated process, which is why some people choose to work with a real estate attorney. If you’re in Southeastern, Pennsylvania, including Philadelphia County, and would like legal guidance on how to split up your property equitably, call us at Richard L. Vanderslice, P.C.
What Is a Partition Action?
Partition actions are legally-binding decisions made by a judge or mediator that determine how a jointly-owned property will be divided among its owners. These are primarily used when the co-owners can’t come to an agreement on their own and need help exploring their options for getting out of co-owned property and reaching a consensus.
Who Can File a Partition Action?
Any party who is a rightful owner of the property can file for a partition action. When this happens, the other partners will have to engage in negotiations if they want their interests to be represented. The partners may then agree to all work with one mediator who can listen to everyone’s perspectives and help them come to an agreement. Or, if the partners are no longer able to communicate or compromise with one another, they’ll likely each have to hire their own lawyer.
Types of Partitions
There are three main types of partition actions you can pursue. The first is called a “partition in kind” when the property is physically split in half and each partner gets an equal share. This option is best for uniform tracts of land like a farm where the two sections will be more or less equal.
Another option is called a “partition by appraisal” where the property is appraised by an impartial third party, and one partner buys out the other for half of the market value.
The last option is a “partition by judgment.” This type of partition requires a judge to step in to decide how the property will be divided.
The Partition Process
The partition process begins when one or more of the co-owners officially file with the courts. Although the process can be fairly straightforward, it’s almost always in your best interest to try to resolve things on your own before getting the courts involved to save on legal fees. However, once the partition process begins, you’ll first attempt to agree on a partition in kind or a partition by appraisal with the help of a mediator or your respective attorneys. Only after these options have been exhausted can your case be scheduled to go before a judge to have them make a decision. Once this final step is complete, it is legally binding, and you must follow the judge’s directive.
Partitions Attorney Serving Philadelphia, Pennsylvania
If you’d like legal help on how to approach the division of property in Pennsylvania, and are unable to compromise or come to a joint decision with the other co-owners, contact Richard L. Vanderslice, P.C. We can help you achieve a fair and equitable outcome and one that ensures your legal interests and rights are being upheld. We represent clients throughout Philadelphia County, Montgomery County, and Delaware County. Reach out today to schedule a consultation.