Divorce isn’t cheap, but it can be expensive at the start of one. Between lawyers and splitting assets, divorce proceedings can empty your bank account.
When it comes to the lives we live and the property we acquire, we invest considerable amounts of money into its existence. You cannot simply walk away from such things without paying its value. This is where partition action comes out in such cases.
However, who pays for partition action depends on terms laid out in a divorce settlement.
Read on to learn more about this and how it can apply to property you own.
Filing Party
The filing party is responsible for the cost of the legal proceedings, as well as the cost of the partition actions itself. The costs may include:
- filing fees
- court costs
- appraisals
- surveys
- mediation
- research
- document preparation
The cost of the partition action is typically paid by the filing party, but in some cases, costs may be shared between the filing party and the other parties involved. Ultimately, the court will decide who should pay for the costs associated with the partition action.
Legal Fees
In most cases, legal fees associated with a partition process are paid by the parties seeking relief. Depending on the individual state laws involved in the case, the court may require who pays for partition action. The court also may require the entire balance to be paid by the petitioning party.
A proportionate distribution of legal fees will be determined by the court based on the relative value of the interest each person holds in the property. If a petitioner is not able to pay all their associated legal fees, the court may require the other parties in the dispute to contribute in order to keep the action moving forward.
To learn more about the partition process and potential costs, it is best to consult a skilled legal professional who can advise the parties accordingly.
Property Sale Costs
Typically, the seller pays the majority of costs, usually between 75 and 90 percent. This includes the agent’s commission, deed preparation, taxes, transfer fees, title insurance, and other costs.
The buyer typically pays between 10 and 25 percent of the total costs, including the home inspections, lenders’ fees, surveys, or any other fees related to obtaining a loan. Both parties may also contribute to paying the notary fee, closing costs, and an appropriate portion of the real estate lawyer’s fees.
Court Costs
The court often needs to divide the property among the parties who pay for partition action. If a partition action goes to court, the court costs associated with the case will be paid by the parties involved. Court costs can include filing fees, court depositions, court reporters, witness fees, and other related expenses.
Depending on the state in which the action is filed, the court costs for a partition action could range from a few hundred dollars to thousands of dollars. The court will also consider a party’s ability to pay court costs when determining who should pay them.
Who Pays for Partition Action?
Partition actions are complicated and can be costly. It’s essential to take advice from an experienced real estate lawyer with experience litigating these cases to ensure your rights are protected.
Seek assistance now to make sure you understand your rights on who pays for partition action.
Are you interested in learning more? Then, be sure to visit our website for more answers to your questions.
