When a property partnership ends the process of splitting up the property can be a hard thing to do. There might be disagreements over the value of property, or one person might want to cash out while the other person might want to keep the property. If people are not open-minded or level-headed they might end up being involved in protracted litigation that could lead to a forced property sale. This forced property sale is often referred to as a “partition action.” One technique that this column suggests for arriving at a fair property value can involve using different appraisers and coming up with an average of the values that they all assigned to the property. Disputing parties can also try to settle their differences through mediation. Avoiding costly litigation should be a priority that every party is interested in.
See Jeff Lazerson, Splitting up property is hard to do, The Orange County Register, November 7, 2015.
