There are some properties in Florida that are owned by several individuals. Each party may be responsible for paying their share of the Mortgage, taxes, maintenance etc. However, there are times when one owner is left with paying all the bills. Not only does this create resentment towards the other owners, it can create financial hardship for the owner that pays. If you have questions about filing a Partition action in Florida, contact the Law Office of Brian P. Kowal, PA at (954) 990-7552.
When is it appropriate to file a Partition Action?
Some properties are left to individuals after the owner dies. This can result in the home or land being owned by more than one owner. This usually occurs when a Mother or Father dies that no longer has a spouse and has more than one child. Upon its transfer, the co-owners may form an agreement that outlines the individual’s responsibilities to pay the mortgage, taxes, and maintenance. Like any agreement, one party may stop paying their share. In order to protect the property and the potential proceeds that can result from the sale, the non-breaching owner should file a Partition Action.
Some owners file a Partition Action because they are not interested in maintaining the property. In other words, they would rather force the sale of the property to obtain the proceeds. While the owner that is paying on time may object, it is within the right of any owner to bring a Partition Action.
How are Partition Sale Proceeds allocated?
Once a Final Judgment of Partition is entered or an agreement to sell has been reached, the property is listed with a Realtor. Thereafter, the property is sold. As a result, there will likely be a substantial amount of sale proceeds. If the parties cannot reach an agreement to the distribution, a Court will decide. The Court will hear testimony and review the Exhibits from each owner to determine the amount each party will receive. Once the Court renders their Judgment, the parties will receive their share of the proceeds.
Before making the decision to file a Partition Action in Florida, it is important to learn and understand the process. If you have questions about filing a Partition Action in Florida, contact the Law Office of Brian P. Kowal, PA at (954) 990-7552.