Partition Settlement Agreement With Sale In Dallas
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FAQ
The process of partition action starts with one or more owners filing a petition in court. The court then examines the real estate details and the owners' interests to decide on the best division method.
Potential solutions for dividing inherited property include selling the property and dividing the proceeds, providing siblings with co-ownership, and having one sibling buy out the other siblings.
In short, to force the sale of jointly owned property, you must first confirm title, then attempt a voluntary sale or buyout, file and serve a partition lawsuit, get an appraisal, sell the property, and finally divide the sale proceeds fairly.
Property acquired during the marriage (outside of the noted exceptions) is considered community property. The spouses can, however, agree to convert (or “transmute”) community property into separate property. In Texas, this is done via a written agreement establishing a partition or exchange between the parties.
A partition agreement divides, or partitions, a married couple's community estate into two separate estates. It is sometimes called a post-nuptial or post-marital agreement and is similar to a prenuptial agreement, except that it is executed by a married couple.
There are two potential pathways in seeking a partition: Partitions may be in kind (meaning that property is divided into separate parcels and each parcel is allotted to a separate owner) or by sale (meaning that property is sold and sale proceeds are divided among the owners).
A partition agreement divides, or partitions, a married couple's community estate into two separate estates. It is sometimes called a post-nuptial or post-marital agreement and is similar to a prenuptial agreement, except that it is executed by a married couple.
To win a partition action can take anywhere from a couple of months to reach a settlement agreement to a year or more if it goes to a court trial.
A partition action usually takes between six to nine months depending on the circumstances and the complexity of each case. The most significant factor is whether the partition is being handled by an attorney who practices only in partition law.