Partition Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Partition, written in plain English, along with examples of how it is used.
What is Partition?
It means division of assets especially the real property between different co-owners. Normally the partition occurs when theres a dipute over the property. The filing of suit for division of property is practically impossible. Thus usually court orders one of the co-owners to buy out the property from the other after evaluatng the value of the property.
History and Meaning of Partition
Partition refers to dividing assets, particularly real property, between co-owners. Disputes over property ownership can arise for a variety of reasons, but partition can often serve as a solution when co-owners cannot agree on the division of the property. This legal process can be complex and usually involves a court-ordered evaluation of the property's value and one co-owner buying out the other.
Partition has its roots in English common law, where it was originally applied to land ownership. In the United States, partition is governed by state law, and the specifics of the process can vary depending on the jurisdiction. Overall, the goal of partition is to provide a fair and efficient means of dividing co-owned property so that each party can take control of their respective share.
Examples of Partition
Two siblings inherit their childhood home from their parents and cannot decide whether to sell the property or keep it. They decide to file for partition to divide the property fairly between them.
A married couple divorces, but they continue to co-own their home jointly. They file for partition to determine how to divide the property value between them and complete the separation.
A business partnership dissolves, and the partners cannot agree on who should receive ownership of the company's land and building. They seek a court-ordered partition to determine who will take control of the property.
Legal Terms Similar to Partition
- Probate: The legal process of administering a deceased person's estate and distributing assets to their heirs.
- Trust: A legal arrangement in which a trustee manages assets on behalf of a beneficiary according to the terms of the trust document.
- Contract for Deed: A real estate agreement in which a buyer makes payments to a seller over time rather than obtaining financing from a third party lender.