How to Divide Property Between Family
The topic of how to divide property between family often comes up when family members own property together, and one member wants out. This most commonly occurs, in my experience, through the inheritance of property among siblings, after a parent dies.
The rule of thumb is that, in nearly every case, if an owner of property wants out, they are entitled to force a sale of the property. For this reason, when such a scenario comes up, it is best for those involved to try and resolve it on their own.
How to Divide Property Between Family: Working Out a Buy Out Or Sale Agreement
When the topic of dividing property comes up, the first thing to be done is try and see if the matter can be worked out amicably, by joint agreement.
When one co-owner of property wants out, there are generally two options available. First, the parties can negotiate a buy out of the owner’s share, where the other owners pay them for their share of the property. This is generally required when one of the co-owners wishes to keep the property, and the others do not.
If a buy out cannot be worked out, the other option is to simply agree to sell the property.
How to Divide Property Between Family: Partition
If an agreement among the property owners cannot be reach, any owner may file a partition case, where the court orders a sale of the property.
A partition case may be filed in either Land Court or Probate and Family Court. The process can be expensive, as the parties will generally need to pay attorney fees and court expenses. The filing of one of these cases, however, can be effective in moving one of these matters towards a final resolution.
If you need assistance with a property matter, contact me for a consultation.