A partition action is usually filed when a co-owner of the property is interested in getting their share of the proceeds. Usually, members of an inherited property hire a Partition Attorney in Los Angeles to stop the partition action raised by another family member.
In most cases, the co-owners are not interested in a sale and hope that the court grants their wishes. The input of a Partition Lawyer in Los Angeles from Arcstone Law gives you an edge in this seemingly impossible case. Here are a few steps our partition attorneys approach partition actions.
Reviewing The Contractual Agreement
Arcstone Law brings on board a partition lawyer in Los Angeles to review the content for legal loopholes to your advantage. A co-owner can decide to sell his/her share of the property at any time except otherwise stated in the agreement. Meanwhile, the legal counsel works on the agreement by reviewing each clause for possible loopholes to your advantage. In most cases, you’d need a clause strong enough to stop the sale of the property as well as lift the partition action.
On the other hand, real estate contracts drafted during a purchase by co-owners might include the timeframe before a partition action can be raised. An experienced partition lawyer would review the contract for the time frame limit before the partition action can be granted. If the number of years stated in the agreement hasn’t elapsed, the partition action can be annulled.
Acquiring The Share Of The Other Co-owners
After months of continuous opposition following the partition action, you might be left with the option of buying out the co-owner. When the legal loophole strategy fails without an exploitative clause to your advantage, shares acquisition is your next best shot. Now that it’s clear the contract allows sales of the co-owner share after a stipulated time frame, it’s best to buy the share. Every partition lawyer in Los Angeles would advise that you gain possession of the property.
Since a settlement isn’t feasible, it’s the legal counsel’s job to negotiate a purchase of their shares. Due to the co-owners’ relationship, you’re likely to get their share for a discounted rate. To prevent further partition actions by the potential buyers of the co-owner share, ensure your lawyer negotiates a fair price. Other family members can apply for a loan from a financial institution using the property as collateral in buying off their sibling’s share.
Handling Partition Actions & Spouses
A slightly different strategy is used by an Arcstone partition lawyer in Los Angeles when dealing with a couple’s partition actions. The time of purchase of a property is a major determinant of the right for either spouse to file a partition action. As expected, the only reason for a partition action on property or home is separation. This makes the legal proceedings binding all partition actions against spouses or couples timeframe bound
One of the best strategies used by every partition lawyer in Los Angeles is to work alongside divorce attorneys. To help dissolve the partition action, Arcstone law recommends collaboration with a divorce attorney to evaluate your rights and limitations. The evaluation between both practices would help the team conclude on the legal actions available at your disposal regarding the property. The terms of the prenuptial agreement also come in handy in the dissolution of this case.
Approaching partition actions takes more than a dialogue between both parties. Involving a partition attorney is your best chance of a possible win when filed with a partition action. Book an appointment with Arcstone Law today to get an experienced partition lawyer in Los Angeles assigned to your case.