Owning property is often a shared investment. Some people buy property jointly with someone else to reduce their personal investment or responsibilities for the ongoing maintenance of the real estate. Others inherit real estate. When there is more than one owner, you will have less to lose when you make a purchase and fewer ongoing obligations as an owner because you will split them with your co-owner.
Joint ownership of real estate can be as much of a burden as it is a benefit. The sad truth is that co-owners don’t always agree about what is right to do with a specific piece of real estate. If a dispute persists for some time or if maintaining your current arrangements creates some kind of hardship for you, then it may be time for you to seriously consider requesting a partition action.
What is a partition action?
Illinois law allows a judge to enter a ruling that will alter the ownership arrangements for a property. Under state law, anyone with shared ownership of a property can potentially file for a partition action. They can ask a judge to look over their situation and divide the property.
In cases involving unimproved acreage, a judge could split the property into two parcels. Since that isn’t an option when the property is small or a residential home, they could also compel the sale of the property or require that one owner refinance to buy out the other.
A partition action can help if you can no longer afford the cost of the property or if the relationship you have with the other person has soured. Understanding the laws that apply to your real estate holdings can help you protect yourself when ownership becomes a burden.