Accounting in Partitions Actions
Long Island Partition Accounting Attorney
Accountings in Partition Actions
Unless all parties agree on how a jointly owned property should be divided, an accounting is required in every partition action. See Khotylev v Spektor. The purpose of an accounting is to allow each party to put forth their claims one some parties should receive a greater share of the property and other parties should receive less. If the property is being physically partitioned, the parties can also submit evidence why they should receive one portion and not another.
Accounting is usually fact specific to each case and the best partition attorneys will know how to obtain evidence to support your position and other evidence to weaken the opposing side's position.
At the Law Office of J. Douglas Barics, we have the experience to present the strongest case possible for you in any partition matter.
Do you need representation in a Partition Action on Long Island or New York City?
Contact us online or at (631) 864-2600.
What you need to know about an Accounting in Partitions
What is an accounting in a partition action?
The accounting is the part of the partition action where the specific rights and interests of all parties are determined by the court. Each party will assert any credits in their favor which they are requesting, and assert any charges which they assert should be paid by a different titled owner. Valuation of the property might be considered as well, especially if a partition in kind is at issue.
What kind of expenses would result in an offset?
A party may be entitled to a credit if they paid expenses which exceeded their share of ownership. For example, if one party has a 50% interest and paid 100% of the property taxes, they would be entitled to a credit of 50% of these taxes since it was paid for the benefit other parties. These expenses typically include the following.
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- Property tax
- Mortgage payments
- Necessary maintenance expenses
- Insurance
- Reasonable improvements which increased the value of the property
What kind of expenses would not result in an offset?
Expenses that a party paid which are equal or less than their interest are normally not reimbursed. Nor would improvement expenses which were not reasonable or did not increase the value of the property significantly enough to justify the expense.
Is an accounting mandatory?
An accounting is mandatory if the court is determining the partition and how the sale proceeds are divided. If the parties agree on how to divide the property or the proceeds from a sale then no accounting is necessary.
Contact Our Partition Attorney Today
At the Law Office of J. Douglas Barics, we have the skills and knowledge to handle any partition, no matter how challenging or complex. With over 20 years of experience in partition actions, we can bring to you the services of a large firm at a fraction of the cost. When you need a skilled partition lawyer located in Suffolk County, call The Law Office of J. Douglas Barics.
For a free phone case consultation or to schedule an office meeting, call 631-864-2600.