Partition of Interest
In general, where two or more people jointly own as asset, the law allows one owner to sever and separate their interest by partition. Code of Civil Procedure section 872.010 et seq.
There are two kinds of partition: partition in kind and partition by sale. Where the jointly-own asset is indivisible (such as with real property), the Court will order a sale of the property and a division of proceedings according to the respective interests of the owners, in addition to considering certain credits and offsets.
The right to partition is essentially absolute -- there are only very limited number of situations in which partition is not available. In general, it is usually more cost effective to negotiate a separation. However, where negotiation is unsuccessfully, a partition action may be necessary.
One of the more common partition scenarios is when real property was purchased jointly, but one owner has moved out – often several years ago. There is no forfeiture of ownerships rights, so the out-of-possession owner still retains a right of partition.
An experienced attorney can help negotiation a buy-out of a co-owner or, if necessary, successfully prosecute or defend a partition action.
If you have a question about your legal rights, or wish to speak to an attorney about your situation, please call us today at 510-663-9240, or contact us online to discuss your legal rights.