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It’s becoming increasingly common for multiple parties to purchase a singular residence to share equally. In the past, shared homeownership was most common for married couples, who have shared property rights, but in today’s economy, more individuals are buying homes together without any type of legal relationship between them.
When that happens, and one party decides they no longer want to live or maintain the shared home, conflicts can easily arise.
When these conflicts come up, there’s often one major looming question: should the parties sell the entire property, or should one party buy out the other party’s interest? What’s more, who gets to decide what happens?
All 50 states in America allow for a partition action to be filed when these types of situations arise. A partition action is an official complaint that seeks to remedy the situation. First, the partitioner will file an official lawsuit in the County where the property is located. In the suit, one of the parties will request the partition.
In a recent case in New Jersey, one party wanted to sell the property entirely, while the other party wanted to maintain it. A ruling was made, one party appealed, and the case moved up to the New Jersey Appellate Division. There, the court made the decision to allow one party to buy out the other party’s interest in the property, despite the other party wanting the property to be sold.
This remedy action was lawful under New Jersey law. In N.J.S.A. 2A:56-2, the law states that superior courts may direct the sale of real estate if it appears that a partition thereof cannot be made without great prejudice to the owners or the persons interested therein.
Under these equitable remedy laws, courts have the ultimate say and make the final decision on what happens to a property based on the facts presented by both parties in the suit. If a courtroom finds it is easier for one party to buy out the other party’s rights to a property, then that is considered a reasonable and equitable remedy.
Partition actions often bring up strong emotions, especially when co-owners are family members or former lovers, which usually make up the highest percentage of parties seeking out partitions. That said, it makes sense for a neutral courtroom to have the final say in what happens to the property.
Do You Need Help With a Partition Action?
Here at Partition Action, our team of lawyers can help you resolve your real estate litigation problems and seek out a reasonable resolution. We strive to offer exceptional legal guidance and advocacy, and we’re well-equipped to handle complex partition actions or emotionally charged ownership disputes. We’re client-focused, solution-oriented, responsive, and ready to serve.
Schedule a free phone call with our team now by leaving your contact details on our online form. We’ll discuss your ongoing property situation and help you determine if our services would work for you.
