Texas Partition Agreement With Other States In Phoenix
Description
Form popularity
FAQ
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.
The remedy when agreement cannot be reached is for one or more of the co-owners to seek a court-ordered division by means of a partition suit. It is also possible to file a “friendly” partition action if the parties desire a court decree that ratifies their agreement.
Every co-owner of an interest in the property (no matter how small) must agree in order for a voluntary partition to occur. The remedy when agreement cannot be reached is for one or more of the co-owners to seek a court-ordered division by means of a partition suit.
Most people know that Texas is a community property state. Many people also assume that all community property has to be divided equally in the event of a divorce. However, property can be community, separate, quasi-community or mixed character, depending on when and how it was acquired.
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.
One common misconception among divorcing couples in Texas is that all assets are automatically split 50/50. The automatic 50/50 split is a myth!
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.
250GB drive: 1-3 hours. 500GB drive: 2-5 hours. 1TB drive: 3-7 hours. 2TB+ drive: 4-10 hours or more.
In some cases, a partition may take as little as six months, while more complex situations can stretch out to two years or even longer. The duration largely depends on the cooperation level between co-owners, the complexity of the property's ownership structure, and the court's caseload.