Partition Agreement

A Partition Agreement is a legal document that facilitates the division of property, typically real estate, among co-owners. It serves to resolve disputes over jointly owned property, allowing the co-owners to delineate their respective interests and responsibilities without the need for judicial intervention.

In detail, a Partition Agreement can take two forms: voluntary or involuntary. A voluntary partition occurs when co-owners mutually agree to divide the property, whether through physical division (partition in kind) or by selling the property and distributing the proceeds (partition by sale).

For example, if three siblings inherit a family home, they may decide through a Partition Agreement to sell the home and split the sale proceeds equally. Alternatively, if one sibling wants to keep the home, they could agree to buy out the interests of the others.

An involuntary partition may occur when one or more co-owners wish to compel the division of property, often leading to legal action. In such cases, the court may order a partition if an agreement cannot be reached.

In Texas, including areas like Houston, partition actions are governed by specific statutory provisions. The Texas Property Code provides a framework for co-owners to seek partition, ensuring that their rights are protected and that the division of property is equitable.

A Partition Agreement is beneficial because it can save time and avoid the costs associated with litigation, providing a clear and amicable resolution regarding the ownership and management of co-owned property.