Partition Agreement Sample With Waiver Of Rights In King
Description
Form popularity
FAQ
A partition action is a lawsuit in which a court determines whether a property with two or more owners is to be partitioned or sold. When two or more owners cannot agree on the disposition of the property in question, any of the owners can file a partition action in the appropriate court.
The owner who no longer wants ownership of the property can ask the court to force a sale in lieu of partition. Rather than continuing to co-own the property, the court can force the owners to put the house up for sale.
To initiate a partition action in Pennsylvania, a co-owner must file a partition complaint at the Court of Common Pleas. The Complaint will set forth the property description, the names and addresses of the co-owners, and their interest in the property.
A Partition is generally a no-fault proceeding, meaning there are generally no defenses that an owner can raise. One exception is if the owners have waived their right to Partition. A waiver may be verbal, implied, or written. A Partition action should be filed with the assistance of an experienced attorney.
A partition agreement, which can only be entered into after the parties' wed, provides couples with the opportunity to restructure and allocate their community property rights. The agreement permits you and your spouse to customize the division of assets and debts amassed during the marriage.
Attorney fees for even the most simple of partition actions could exceed $5,000. Even if the partition lawsuit is uncontested, there are many steps and lots of paperwork, which requires a significant amount of attorney time. And if the matter is contested or complicated, costs can exceed $15,000 or even $20,000.
The right to partition can be waived if the correct agreement is executed. Whether to have such an agreement…the pros and cons…can only be grasped by understanding the basics of the right to partition property in California.