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Discuss Your Legal Needs with an Experienced NYC Partition Attorney
Disputes involving co-owned real estate often leave both parties wanting to go their separate ways. In this scenario, separation is achieved through partition and sale. Daniel Knox is an experienced NYC partition attorney, and whether you are facing a dispute with a business partner or family member, he can help guide you forward.
Two Types of Real Estate Partitions in New York
When facing a dispute involving co-owned real estate, one of the first issues you need to consider is how you want to divide ownership of the subject property. Generally speaking, there are two options available:
- Physical Partition – With a physical partition, each co-owner receives sole and exclusive ownership of a portion of the subject property. For example, if a property can be subdivided (or has already been subdivided) into multiple lots, each owner may receive a subset of the lots that the owner is entitled to keep or sell. Given the realities of New York City properties, including relatively limited space, this option is generally impracticable and is unlikely to be awarded by a court.
- Partition by Sale – With a partition by sale, the subject property is sold and each co-owner is awarded a portion of the sale proceeds, taking into account their respective ownership interests in the property as well as adjustment for other considerations such as economic contributions.
Each option can make more or less sense in any particular set of circumstances. NYC partition attorney Daniel Knox can help you decide which option to pursue, and then he can navigate the complex legal procedures involved in partitioning real estate ownership in the New York City courts on your behalf.
Disputes Among Business Partners
Many partition actions arise out of disputes among business partners. The addition of formal business structures, including the type of business entity and their governing procedures, can add some complexity while making other avenues available for the resolution of the underlying dispute. While these types of disputes frequently lead to litigation, litigation can be resolved more quickly, or even avoided altogether, by taking a strategic approach focused on addressing the interests of all parties involved.
Disputes Among Family Members
Partition actions often involve real estate co-owned by family members as well. These cases most often arise following the death of a parent or other relative. If you need to extract yourself from a contentious co-ownership situation or if a sibling or other family member has initiated a partition action, Daniel Knox can help you make informed decisions focused on protecting your financial interests while avoiding unnecessary and prolonged legal disputes.
Schedule a Confidential Consultation with NYC Partition Attorney Daniel Knox
If you need to know more about pursuing a partition action in New York City, we invite you to get in touch. To schedule a confidential consultation with NYC partition attorney Daniel Knox, please contact us today.