Red Bank, NJ Partition Lawyers

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Ownership disputes often arise when multiple individuals co-own a property. These conflicts can stem from various factors, such as changing circumstances, economic instability, and shifting objectives. Typically, the individuals who own the property have a connection with each other and must have, at least at first, had enough trust to enter into a partnership or joint venture to own the property together. This makes things difficult when the other owner is not acting in good faith or being unreasonable. Nevertheless, there are times when a dispute between co-owners of a property arises and cannot be resolved on its own, and legal action must be taken. 

One option is to file a partition action to divide the property or to sell it. If you are a co-owner of a property and you are having a dispute with your partner, you need to contact our Red Bank partition lawyers, who can help you understand your options. Call us today for a free consultation, and let us help you determine the best course of action.

Red Bank Partition Lawyers

Types Of Partition Action

When looking at partition actions, there are three general types of actions: partition by sale, partition in kind, and partition by appraisal.

  1. Partition By Sale: This is the most likely type of partition action, which is when the court orders the property sold and the money split between the co-owners. It’s the typical path when one owner wants to sell the property and the other doesn’t.
  2. Partition in Kind: This is the type of partition that applies to property interests that are able to be split easily. This would be applicable if the property is a plot of land or a property with multiple units. The court directs that the property should be divided among the owners and that each will receive an undivided interest in a portion of the property, and the partnership is dissolved.
  3. Partition By Appraisal: This is a form of partition when the property is unable to be divided into separate parts and one of the owners doesn’t want to sell the property. The court will have the property appraised at its fair market value, and the owner then has a right to purchase the property at this value or the owner’s interest in the property if the property isn’t being sold. If the person is unable or doesn’t wish to buy the property at the appraised price, the court will then order the property sold.

Advantages Of A Partition Action

The main advantage of a partition action is that, when successful, it allows both parties to walk away with a portion of the value of the property. If the party obtains a portion of the property through a partition in kind resolution, the owners still retain their portion of the value of that property, as well as the ability to do with it as they please. If the property is sold, the owner(s) will receive the proceeds from the sale. Either way, the owner(s) will be able to walk away with some value, end the contentious dispute, and go about their lives.

Disadvantages Of A Partition Action

Whether this would be a disadvantage to you depends on which side of the ledger you’re on. If you have a sentimental attachment to the property, or some other reason for wanting to keep the real estate, but can’t afford to buy out the other owner, the court might order the place to be sold. You’d still receive your percentage of the proceeds, but you might feel you’ve lost something even more valuable. In a partition by sale or appraisal, one or both of the owners can be impacted by the shifting trends in the real estate market when the property is sold. In a buyer’s market, the owner(s) will receive less than they would in normal circumstances. On the other hand, in a seller’s market, the owner who wants to keep the property will be forced to pay a premium for it before they are ready to.

Trust Your Property Dispute To Our Red Bank Partition Lawyers 

At the Law Offices of Patel & Cardenas, our team of Red Bank partition lawyers has over 30 years of combined experience assisting individuals in New Jersey with their property division matters. We recognize the emotional and financial impact a partition action can have on those involved, particularly when it involves friends and family. That is why we are committed to doing everything in our power to facilitate a mutually agreeable resolution that satisfies both parties and enables you to move forward with your lives. 

We are eager to discuss your specific circumstances and assist you in determining the most advantageous approach for your case. Contact us today to arrange a complimentary consultation and discover how we can be of assistance to you.

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Red Bank, NJ Practice Areas

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I had the pleasure of working with Veer Patel and staff for several months and could not have been more pleased with the attention, care, and professionalism of everyone at the firm. Really good experience and would definitely recommend!

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