In many instances, two individuals may live together. They may be in a long-term relationship. Ultimately, they may own property together, like a home, automobiles, bank accounts and other assets. However, they do not get married. They also do not have a cohabitation agreement of any kind that would denote how property and debt would be divided if they were to separate.
The question many have in this instance is what do they do? What kind of legal recourse do they have if they separate and they cannot reach an agreement? Is there anything they can do?
The laws van vary by state and it’s important to talk with an attorney about the particulars. In some instances, the parties might have a valid and enforceable cohabitation agreement that sets forth what would happen upon separation.
However, if there is no valid and enforceable cohabitation agreement, a lawsuit for partition that is an option for many individuals. In a partition action, a party files a lawsuit that asks the court to divide the jointly held property and debt of the parties.
In instances where property and debt is solely in one parties name, a partition action is generally not able to address this property and debt. But in cases where both parties names are on the property and debt jointly, and it needs to be divided, a partition action is often the proper legal recourse.
If you are interested in hiring an attorney for a partition action in Missouri and Illinois, Stange Law Firm, PC can help. You can reach us at 1-855-805-0595.