Tips for partition of property among family members
Webster’s dictionary defines a partition as a potentially very messy process involving many disagreements, numbers, and more disagreements. There is a possibility that this may not be the proper, word for word definition itself, but it is what it boils down to. For those of you who have siblings, remember what happened when only one candy bar was bought at the store? Rarely was it split in an amicable manner. We all have our own ways of reasoning. One person may think it wise to sell the old family house. Another person might think renovating the old place is the way to go. This is where we step in with some tips for the partition of property among family members. Problems are unavoidable, such is life, but you can nip some things in the bud. The division of property does not have to be a painful process.
Unite and Rule
We’ve all heard of the phrase ‘divide and conquer’, yet that is the exact opposite of the ideal outcome. There are many causes of real estate litigation, despite the desire for things to go smoothly. This is why a calm discussion should always be the first starting point. Leave the disputes for later, if possible. An inheritance can often be a point of contention. Several family members suddenly have rights to a property, and dividing land fairly can be tricky. The first step should be to arrange a meeting. Each side should be given a chance to express their views and wants. It could be that after a short or, more likely, long discussion, it turns out you can agree over what should be done with said inherited property. If not, do not worry; there are other solutions.
Involve a Third Party
Things tend to escalate quickly sometimes. A mediator can help alleviate stressful discussions, especially if you choose somebody with the necessary experience and knowledge. It can be somebody from the legal field, but it can also be someone you know. With a third party present to help facilitate fruitful discussions and offer worthy insights, things could run more smoothly. Especially if the third party can help clarify some of the legal issues that most people are not closely acquainted with. There are many factors that need to be considered when sharing ownership of a home,, which is why some outside help could be helpful. The advantages of settling differences in this manner are obvious. Of course, this is not always possible.
Some Tips on How Property Can be Partitioned Among Family Members
A partition deed may be the only solution if talks break down and you cannot reach a mutual agreement. People often imagine a process such as this one being very difficult and drawn-out. This does not have to be the case if all sides are relatively reasonable and well-prepared. Let’s try to put it into perspective. Imagine you are preparing for a triathlon. You’re an excellent swimmer, and running has never been a problem for you. But you’ve never ridden a bike before. The race is going to be a nightmare for you, even if you are the fastest swimmer at the event. If you’re not prepared, then anything, not just legal matters, can turn into time-draining procedures that often tend to be quite harsh on the wallet too. Let’s take a look at how to avoid this through our simple three-step program.
The Three Steps
● No two people are alike – This goes for family too. It is essential to understand what each member wants.
● Numbers; it always comes down to numbers – It is not always clear who is entitled to what when it comes to joint ownership of real estate. Expenses are not the same. One member may have been paying for the mortgage. Another may have paid for the upstairs bedroom to be refurbished and fixed that faulty wiring. Then there could be a third and fourth member who had minimal to no contributions whatsoever. For things to go smoothly, each member should be aware of their contribution and have the necessary evidence to back it up.
● How much are we talking about anyway? – The problem you could have guessed existed. We can all make a pretty good estimate about how much a friend’s car is worth; we have this innate ability to do so. On the other hand, when we have to evaluate the worth of our own car, the value never seems to line up with the current market. To avoid disputes of this nature, hiring a professional to give a realistic estimate can go a long way.
Partition of Property Among Family Members – Know When to Call in the Cavalry
When all else fails, talking to an attorney could be the way to go. Then you take away all the guessing and unnecessary shouting out of the equation. An attorney can inform you of your property rights and what steps to take. If you require any advice, feel free to contact Ferguson and Ferguson, and we will see how best to assist you. Partitioning property can be tricky, so make sure you have somebody who understands the process and can walk you through it.
A Change of Scenery
If you are smart about it, the partition of property among family members does not have to be a grueling process, especially if you follow the above tips. You can receive the appropriate reimbursement for your share of the property. You could use this financial boost to do something you have been thinking about for a while, like moving to a new city. Relocating to a new city can bring many benefits, and there are many cities that are on the up and rise. Places such as Colorado Springs, Boston, and Phoenix, to name just a few, are the places to be in 2021. You can settle in a completely new city and enjoy a change of pace. Make sure to take a look at what each of them offers to find the best fit for you.
As you can see from the above, it does not have to be that complicated at all. Follow our tips for the partition of property among family members, and all sides could leave feeling content and satisfied. It is just a matter of talking, preparing, and partitioning the process to make it manageable.