Property partition is the best method to move forward in life. It assists the owners to know about real property worth and what comes under their title. Hence, co-owners can make future financial plans and decisions. Keep in mind, not only knowing the real worth is important, but getting the best compensation amount is also significant. For that fundamental knowledge about property division and hiring a professional attorney is important.
If you are going to divide property for the first time, don’t worry, an article will explain to you about general rules and how to choose a partition lawyer.
The property of co-owners can be divided into three modes
- Physical Division
Under the physical division of property, real estate is divided among partners or husband’s wife in equal proportion or as per their liabilities. In the event of property partition among spouses, properties under the common titles are divided by considering who will take care of children. Whereas, in the partnership deed, properties are divided based on their contribution level.
- Sale of property
In some cases, the court makes an order to sell and then divides the amount among partners equally. This is the perfect option in case of highly disputed properties.
- Partition by Appraisal
Under certain conditions, one party sells interest on the real estate property based on agreed terms, under court supervision. Some people misconceive this partition and consider it as power of attorney, but in this partition, a legal agreement is signed by both parties under third party supervision.
After knowing the general guidelines, one should also know that to get the best compensation over the partition, it is important to hire a professional attorney.
A partition attorney is a legal expert that helps you to complete all legal processes. he/she makes the process easier and helps owners to claim their property as soon as possible. Lawyer check and verify all the documents like
- Ownership title,
- Is there any issue in accounting?
After these, the attorney goes with a court proceeding to assist you to get the highest possible compensation.
Things to Cross Check
Before filing a case for property division, check the list of important documents required for the partition. Most of the time this list is provided by a professional partition attorney, but you must be also aware of property documents. These are:
- Property details
- Your Identity proofs
- Legal Relation certificate/document with co-owners, like spouse or business partner
These are the common documents. Keep in mind, witnesses can also be called in the courtroom in case of the disputed property. Share words with them too for safety sake.
Settling partition deeds is not an easy game. One needs to be very careful from the beginning like knowing about various methods of division and finding the best attorney. Remember, always hire an experienced attorney that has specialization in the field of partition. This will make your process easy and settle the process at the best compensation.