In the full portfolio of a Tennessee resident’s assets, a family home may be one of the most valuable items of property that they own. Real property carries with it actual and intrinsic value for owners and families. When a homeowner passes away, they may choose to leave their most valuable asset – their home – to their loved ones.
Inheriting a home can be a great experience for beneficiaries, except if they cannot agree how to manage it or co-own it. When co-owners of real property do not wish to continue their property-based relationship they may wish to file a partition lawsuit.
The basics of partition
Partition suits are based on the real property laws of Tennessee. When co-owners of a parcel of real property wish to take from the parcel their interests in it, a partition lawsuit may accomplish those goals. Through the lawsuit the parcel may be either:
- Divided: Each party to the partition suit receives a share of the parcel that corresponds to their ownership interest; or
- Sold: The parcel or real property is sold and the parties to the partition suit each take a share of the proceeds that corresponds to their ownership interest.
Taking a partition suit to court can be a complex process that can involve real estate and inheritance law. Legal support from knowledgeable attorneys can help smooth out the process.
Steps to take when co-owners disagree on property
It can be frustrating to share the ownership of property with others who do not have the same plans and values. A co-owner of property may feel as though their interest is losing value or not being used to its potential due to the actions of other co-owners. When in this difficult situation, it can be the right time to reach out to a real property attorney to learn more about what partition actions can accomplish.