Colorado Partition Law
How To File A Partition Action In Colorado
When you own a piece of property or a building in Colorado, and there is another co-owner, you have what is called a concurrent interest in the property. You both have a right to possess the whole property jointly. If your co-owner has ousted you from the property or if you no longer wish to be an owner of the property, you have an absolute right to a partition, or division, of the property. A partition action in Colorado can occur in one of two ways: it can either be voluntary or court-ordered. In some situations, a voluntary partition makes sense, because the parties get along well enough to work out a contractual agreement to divide the land. However, some parties have to file a partition action in court, and a judge will decide how they will divide the property through a court order.
In Colorado, partitions can be effectuated by either dividing up the physical land, so that each party has a carved out section of their own, or by forcing a sale of the property so that the co-owners divide the proceeds. Most residential real estate partitions do not lend themselves well to physical division of the property, so many homes are sold through a partition sale. The proceeds or the property are divided based upon the type of tenancy that the owners held the property in. In Colorado, there are two main types of tenancies: joint tenants and tenants in common. Joint tenants hold equal shares of the property in question, so when the property is partitioned, they must take in equal shares. Tenants in common, however, can hold the property in any percentage, based on a contractual agreement or their initial contribution to the purchase price. When there is a partition for tenants in common, they divide the proceeds or the land based on their respective share.
Colorado is a title theory state, so any lender must be added to the partition action as a necessary party. If you have any questions about Colorado partition actions, you should consult a local real estate attorney.