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. 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.
Partition actions involving business partners often arise when co-owners of a real property cannot agree on its management, use, or sale. While formal agreements or business entity structures typically govern business partnerships, these documents do not always address every scenario, especially when relationships between partners deteriorate. This is where real estate laws and types of partition actions come into play.
In many cases, one partner may want to liquidate their interest in the property, while another prefers to retain or develop it. When dividing the property physically is not feasible, a partition by sale can provide a practical solution. Alternatively, depending on the property type and zoning restrictions, a partition in kind, which physically divides the property among the owners, may be possible.
Experienced legal counsel can help business partners explore alternatives to litigation, such as mediation or negotiating a buyout agreement, which can resolve real estate disputes more efficiently. However, if litigation is unavoidable, a strategic approach tailored to the specific circumstances of the partnership and property can ensure the dispute is resolved promptly and equitably.
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.
These disputes often involve emotional and financial stakes, as family dynamics can complicate the resolution process. New York real estate laws allow for several types of partition actions to address these issues, including partition by sale or partition in kind.
For example, siblings inheriting a family home may disagree on whether to sell the property or keep it for personal use. One party may want to cash out their share, while another may seek to preserve the property for sentimental reasons. These disputes can quickly become contentious, particularly when communication breaks down or when one co-owner fails to contribute to property expenses, such as taxes or maintenance.
The support of an experienced lawyer is crucial to navigating these situations. Our firm can provide guidance on the best course of action, whether negotiating a settlement or pursuing a partition action in court. The goal is to resolve the dispute efficiently while safeguarding your financial interests and minimizing emotional strain.
Avoiding Prolonged Litigation
In both business and family partition disputes, avoiding prolonged litigation is often in everyone’s best interest. Prolonged legal battles not only drain financial resources but can also further damage relationships. By working with an experienced attorney, you can explore alternative resolutions, such as buyout agreements, property exchanges, or negotiated settlements. These options can provide a quicker and less adversarial path to resolving co-ownership disagreements.
Partition actions are a powerful tool for resolving disputes, but they require a careful understanding of real estate laws and the different types of partition actions available. Whether the dispute involves business partners or family members, having a clear strategy and knowledgeable legal guidance is essential for protecting your financial and property interests.
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 Daniel Knox, please contact us today.