Missouri Partition Deed for Surface Estate
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How to fill out Partition Deed For Surface Estate?
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FAQ
Spouses can divide their property ?in kind,? meaning that each asset is equally divided. In most cases though, it makes more sense to instead look at all of the assets as a whole and equally divide the net value. For example, one spouse may keep the house and the other get all of the retirement accounts.
The attorney's fees for the individual who filed the partition lawsuit are generally paid out of the proceeds from the sale of the property before the proceeds are divided ? so there is a benefit to being the first to file as the attorney's fees are divided among all the owners.
The purpose of a partition proceeding is to eliminate a present concurrent interest in the same property so that each owner may enjoy and possess their interest in severalty. Partitions may be compulsory (judicial) or voluntary. Property can always be partitioned by consent of the owners.
There are three methods of Partition provided by state law: (1) Partition by Physical Division, (2) Partition by Sale, and (3) Partition by Appraisal. Also known as ?Partition in Kind,? a Partition by Physical Division requires the Court to divide the land by its proportional value.
Partition is the division of real or personal property between or among two or more co-owners, such as joint tenants or tenants-in-common. Partition is not a remedy available to owners who hold title as community property or quasi-community property.
A complaint for partition by sale can be granted whereby a court orders sale of a jointly owned property and all owners receive their corresponding shares. Physical division, or partition in kind, occurs when a property is divided so that each owner receives undivided interest in his or her own share of the land.
Partition in Kind (also known as Actual Partition) occurs simply when the property is divided, equitably and fairly, between the multiple owners. Each co-owner will own a certain percentage of the property. Courts tend to favor this approach because it does not require someone to sell their property against their will.
If the joint owners will not sell, a partition action asks the court to force the sale and divide the proceeds equally.
