One of the more interesting legal tools I've used is called a partition. Simply put, a partition legally splits an asset or property amongst owners who are in a disagreement on how to handle it. Let me explain with a couple of examples.
A Few Examples
Travis and Nicole are an unmarried couple who purchased a house together 4 years ago. Now that they have broken up, they have to deal with the house. Nicole wants to move out and sell the place, but Travis doesn't want to. Can Nicole get her money from the house?
Gregory's Mom just passed away, leaving the old house in the country to him and his two brothers. Gregory lives in town and has no interest in the place, but he still wants his fair share of the inheritance. Unfortunately, his brothers seem content to live in the house rent-free. Can Gregory receive his portion of the inheritance by selling his share of the old country house?
A Partition Is An Option
One way that both of these situations can be resolved is through a partition.
A partition is a lawsuit that a co-owner can begin to require the other co-owner(s) to divide the property or (if it can't be reasonably cut up) then the court may require the co-owners to sell the property and divide the proceeds.
Bill Peterson is a Minnesota Estate Planning Attorney and can help you with a Minnesota Estate Plan. For more information, please visit http://www.mnestateplan.com or call toll free at 952-641-7312.
The contents of this article are for information only and are not to be interpreted as legal advice. For personal legal advice you should consult with an attorney who is experienced in probate law or estate planning.