Division of Joint Assets
The division of joint assets is a lawsuit filed by partners over real estate or movable property to the court so that each partner receives their share. It is broader than a “partition lawsuit” (demolition of co-ownership), which specifically concerns real estate, particularly land that has been surveyed and registered (Kushan). In contrast, a division of joint assets can cover surveyed real estate, movable property, funds, companies, shares, and anything owned jointly.
What is a Partition Lawsuit (Demolition of Co-Ownership)?
It is the process of dividing jointly owned property among partners holding shares in real estate or movables. If one partner refuses to sell or divide by mutual consent, the law allows for compulsory sale or division, provided the shares are divisible under the law—this is permitted, not mandatory. Such lawsuits are considered “rights-revealing” since all litigants have equal standing, and their ownership in the property is established, though the exact portion each owns is not identified.
At Frihat Lawyers & Consultants, we provide both amicable and judicial division services:
- Amicable Division: Our licensed surveyor facilitates an amicable division among partners, registering the division with the Land Registration Department. Each partner receives an independent registration certificate (Kushan) in their name along with a map from the Survey Department indicating their portion.
- Judicial Division: When partners disagree, we file partition lawsuits to remove co-ownership, handling all procedures before courts and execution offices. Our legal team drafts precise legal pleadings, follows the case from inception to litigation, studies engineering maps, coordinates expert reports, assesses property values, and represents clients through all court stages, including appeals and final execution of the court’s decision.
For judicial divisions, the law stipulates that the smallest share must not be less than 500 m² for Category A land, 750 m² for Category B land, and 1,000 m² for Category C land. If the share is smaller than these limits, the property is sold at public auction.
Frihat’s specialized team ensures thorough legal representation, safeguarding clients’ rights throughout the entire process of joint asset division.