WISCONSIN PARTITION LAW
How to Get a Milwaukee WI Real Estate Partition
In Wisconsin, when two or more parties own a piece of property, every co-owner has an absolute right to partition their interest in the property if they no longer wish to own it. A partition can be done in two ways. It can be voluntary or judicial. A voluntary partition occurs when the parties and their legal representatives negotiate a contractual agreement to govern the partitioning of the property. If they cannot agree, however, then one party can petition for partition and the court will divide the property by a judicial order.
There are two main ways to divide property. The first is a partition in kind. A partition in kind physically divides the property between the owners by carving out separate parcels for each person. This is usually reserved for large vacant tracts of land. In cases of residential or commercial properties, the land is usually divided by a partition by sale. In these cases, the land is sold at auction and the proceeds are divided among the parties. Division of land or proceeds is determined by the type of tenancy that the parties had when they took title to the land. If they were tenants in common, they divide the property according to their percentage of interest in the land. If they were joint tenants, they divide the property equally.
Wisconsin is a lien theory state, which means that any lender or bank with an outstanding mortgage on the property has a lien on the property for the loan amount. Before any land can be divided or any proceeds can be disbursed, the lender’s lien must be satisfied in full. If you own property in Wisconsin and you would like to partition your interest, you should speak with an experienced attorney about your property rights.