Wisconsin Agreement to Partition Real Property Between Children of Decedent
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FAQ
This generally means that each co-tenant has an equal right to possess or use the entire property, and that the rent or maintenance costs of the property are shared among the co-tenants ing to their ownership interest. Each co-tenant also possesses a share in the value of the property as it appreciates.
The letter explains that you have the right to force a sale via partition action, citing to the relevant law. The letter ends by attempting to persuade your co-owners that voluntary sale or a voluntary buyout would be better than a forced sale.
On the death of a spouse, the ownership rights of that spouse in the property vest solely in the surviving spouse by nontestamentary disposition at death. The first deceased spouse may not dispose at death of any interest in survivorship marital property.
The minority owner CAN force a sale against the will of the majority owners. The law allows any co-owner to facture the joint ownership via a partition action. Yes! In most cases, ANY co-owner (even a minority owner) can force a sale of the property regardless of whether the other owners want to sell or not.
On the death of one of 2 joint tenants, the survivor becomes the sole owner; on the death of one of 3 or more joint tenants, the survivors are joint tenants of the entire interest.
Partition by Sale: Partition by sale occurs when the entire property is sold, and the proceeds of that sale are split between the owners ing to their proportional interest in the property. So, if co-owner A owns a 20% interest in the property, he or she should get 20% of the net proceeds.
In community property states like Wisconsin, married couples are allowed to have property as survivorship marital property or community property with right of survivorship. What this means is, if one spouse passes away the remaining spouse is to receive the dead spouse's' half of the marital property.
If the joint owners will not sell, a partition action asks the court to force the sale and divide the proceeds equally.