Partition
The division of jointly owned property into separate portions so each owner may take individual possession of their share.
Encyclopedia entry: Partition
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partition
A partition is a division of concurrent interests in land. Such types of concurrent ownerships are usually either joint tenancies or tenancies in common . The purpose of a partition proceeding is to eliminate a present concurrent interest in the same property so that each owner may enjoy and possess their interest in severalty.
Partitions may be compulsory (judicial) or voluntary. Property can always be partitioned by consent of the owners. Where land is held in joint tenancy or tenancy in common, any of the co-owners may an end their own participation in the entity by compelling a partition. If the property cannot equitably be partitioned in kind , it will be sold by judicial process, and the proceeds paid out accordingly.
[Last reviewed in July of 2020 by the Wex Definitions Team
]
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.