Partition Actions in Walnut
Walnut is a small city located in Los Angeles County, California. It is situated between the San Jose Hills mountain range and the Puente Hills. The city is named after the California black walnut, which is native to the area. Walnut has a several popular annual events, including the Walnut Family Festival and the Mt. SAC Relays. Walnut is a great place to live, work, and play.
According to Zillow, the median home value in Walnut, Los Angeles County, California is $817,400 as of 2021. Walnut, California has a population of 30,004 according to the 2020 United States Census.
Experienced Real Estate Partition Action Attorneys Serving Walnut
Talkov Law’s attorneys serving Los Angeles County are exceptionally experienced in the area of California partition actions. California partition actions provide a legal mechanism for co-owners of real property to divide the property among themselves. The partition statutes allow a co-owner to file a lawsuit in court to have the property divided, either physically or by sale. The court will then order the division of the property in a way that is fair and equitable to all parties. The partition statutes also provide that any proceeds from the sale of the property must be divided among the co-owners in proportion to their respective interests in the property.
Our team of partition attorneys can assist co-owners with frequently asked questions about partitions, such as:
- What are the different types of partition in California? Almost all partition actions are partition by sale, though partition in-kind allows the property to be divided, while a partition by appraisal allows the purchase by one-co-owner at an appraised value.
- What are my partition rights for inherited property? Co-owners of inherited property generally have the absolute right to force the sale of the property through a partition action.
- When is a partition action right for my dispute? Generally, parties who can reach their own resolution of a co-ownership dispute are not reading websites about partition law. If you are reading this article, chances are that your co-ownership dispute has reached a level where legal options are being considered. Filing a partition action will bring about a certain result to the co-ownership dispute, rather than letting it linger for years on end. However, if the parties are very close to a settlement, it may be wise to consider a resolution.
- What are the tax implications of a partition action? It is best to seek the advice of a tax attorney or CPA about tax issues. However, the most common tax issues in partitions, like other sales, can involve capital gains taxes and the potential partial or full reassessment of property taxes.
- How to force the sale of jointly owned property? A partition action is the only statutory method to ensure the end of the co-ownership dispute.
Starcevic v. Pentech Financial Services, Inc. – Partition Action Case Study
In the legal case of Starcevic v. Pentech Financial Services, Inc., 66 Cal.App.5th 365 (2021), the issue of partition was at the center of the dispute. The plaintiff, Starcevic, owned a 50% interest in a property with Pentech Financial Services, Inc. (Pentech). Starcevic sought to partition the property, which would have resulted in the sale of the property and the division of the proceeds between the two parties. Pentech opposed the partition, arguing that it would be inequitable and that it would cause them to suffer a financial loss. The court ultimately found that partition was not appropriate in this case, as it would be inequitable to Pentech and would not be in the best interests of both parties.
Contact our Team of Experienced Partition Lawyers Serving the City of Walnut in the County of Los Angeles, California.
Our partition litigation attorneys will work diligently to obtain a favorable outcome on your behalf, whether by negotiation or litigation. Call the experienced real estate partition attorneys at Talkov Law at (909) 577-3300 or contact us online for a free consultation about your co-ownership issues.