Determination of shares in joint ownership

Joint ownership is a unique form of ownership, where the shares of each are not determined and all co-owners have the right to all property in general. It arises between a husband and wife in an official marriage and members of the same family (in some cases). And the determination of shares in it, which we will discuss in more detail in this article, is a necessary step before the co-owners can carry out such operations as division/allocation of shares, their alienation, etc.

Joint ownership: features of the exercise of the right

As already noted, in case of joint joint ownership, each co-owner has the right to all common property. Therefore, the implementation of the rights of co-owners has its own specifics, which are expressed in the following:

• joint ownership and use of property;
• the possibility of concluding an agreement on the specifics of the use of real estate;
• disposal (sale, donation, etc.) is carried out with the consent of all co-owners simultaneously;
• consent to the relevant legal actions regarding the property must be notarized.

From what point does joint ownership turn into joint partial ownership?

The division of shares is a key legal procedure that initiates the transformation of legal relations between spouses. This process consists in establishing the size of the ideal shares (in percentages, fractions) that belong to each co-owner. After their successful determination in a voluntary or judicial manner, joint ownership is transformed into joint partial ownership. However, this only happens if:

• there are two owners, and one initiates the allocation;
• there are more than two owners and each wishes to divide the property in full.

Determination of shares in joint joint ownership: key nuances

When is it necessary to determine shares?

The need to determine the relevant shares arises when it is necessary to carry out certain legal actions regarding property. The main cases for this are as follows:

• partition (co-owners decide to completely terminate joint ownership and divide the property among themselves);
• separation from joint joint ownership (one or several co-owners wish to withdraw from such legal relations and receive their share of the property in kind or compensation for it);
• alienation of their own part (if the co-owner wants to sell, donate, or otherwise alienate their ideal share in the joint joint ownership);
• inheritance after the death of a husband or wife (a notary or court must determine the size).

What are the basic principles for determining the share?

When it comes to the division of shares, you need to remember the following:

• firstly, in the absence of other agreements, each of the owners has the right to an equal share (for example, if there are two co-owners - 1/2 of the property, three - 1/3, etc.);
• secondly, the principle stated above can be deviated from if there are minor children, dishonest behavior, evasion of alimony payments, etc.;
• thirdly, the amount can be determined taking into account the contribution of each of the co-owners to the purchase of real estate (when it comes to the property of one family).

Who can determine the shares in joint joint property?

The determination of shares in joint joint property is carried out either by a notary (in situations where it is necessary to divide property after the death of one of the spouses) or by a court. Otherwise, this process can be implemented by the co-owners themselves, but only by concluding a separate agreement certified by a notary. For more detailed information, we recommend that you consult one of our qualified real estate lawyers.

How can real estate lawyers of the Law Firm “Prikhodko & Partners” help?

As we have already found out, the division of shares in joint joint ownership is a key stage for the subsequent division, alienation, and settlement of disputes. This process requires in-depth legal knowledge and understanding of all the subtleties. Real estate lawyers of the company “Prikhodko & Partners” are ready to provide comprehensive professional assistance at all stages of this procedure, which will include:

• detailed legal consultations;
• preparation of a draft co-owners' agreement;
• organization of negotiations between the parties for signing agreements, and subsequently - for notarization;
• support at the notary to obtain a certificate of separation (in the event of the death of a husband or wife in an official marriage);
• preparation of documents for state registration of rights to the received shares;
• legal support in the absence of agreements between the parties.

To summarize, for any legal actions regarding marital property, the division of shares is a mandatory step. Given the legal complexity of this process, professional legal assistance is extremely important for the proper settlement of relations and protection of the rights of all parties. By contacting the Law Firm “Prikhodko and Partners”, you choose reliability, professionalism and an individual approach to resolving your specific request.

Fill out the form below, get advice from our real estate lawyer, and find out the price of legal support in the case of determining shares in joint joint ownership.