There are many people in Henderson, Nevada, and the greater Las Vegas area who own property jointly. Sometimes, this is just part of their living arrangement, even if they are not married. In other cases, two individuals might be in business together as landlords or real estate developers but choose to hold real estate jointly in their individual names.
Owning property jointly offers convenience and, in fact, is fairly common; however, when the owner can no longer agree on what to do with the property or how to use it, it puts those involved in a bind since one cannot literally split a house or other property in half, at least, not without greatly diminishing the property’s value.
This is why Nevada’s body of real estate law, like that of other states, allows those who are holding property jointly to bring a partition action before a court in the event that the owners of the property can no longer agree on it.
A partition action in many ways is just like any other lawsuit in that the other owners have to be brought in to court so that they have the opportunity to defend their rights and make their case. The Nevada court hearing the partition case has two basic options for resolving the dispute.
If possible, it can literally partition the property by giving each property owner his or her rightful share in the land and re-dividing the land accordingly. However, if as is often the case the court could not do so without financially hurting all of the owners, then the court can simply authorize a court-supervised sale of the land and divide up the proceeds. The court can also order a sale if all the owners agree to it.
A partition action could prove to be an invaluable tool for a landowner who needs to break a gridlock with his or her business partner or even family member or personal companion. However, partitions are complicated real estate law matters which may necessitate the assistance of an experienced Nevada attorney.