Detailed Answer
In Wyoming, when co-owners can’t agree on how to market, sell, or share costs for jointly held real estate, state law provides a court-supervised process called “partition.” Under Wyo. Stat. § 1-32-101 et seq., any co-owner may file a partition action in district court. The court can order a partition in kind—dividing the property into separate parcels—if it can be done fairly. If the property cannot be divided without prejudice, the court will order a sale and distribute proceeds according to each owner’s interest.
During a partition sale, the court appoints a commissioner or appraiser to set a fair sale price and handle marketing. Costs such as appraisal fees, advertising, and legal expenses generally come out of the sale proceeds. The court may allocate any additional costs between parties in proportion to their ownership shares.
Wyoming law also allows a co-owner to serve a written offer to buy out the others for their shares. If the other owners do not accept within 20 days, the offering party may purchase at the specified price (Wyo. Stat. § 1-32-108).
If co-owners prefer to avoid court, they can negotiate a private buyout, amend or draft a co-ownership agreement with dispute resolution clauses, or pursue mediation. Mediation helps parties reach cost-sharing and sale terms without filing suit.
Disclaimer: This article is for educational purposes and does not constitute legal advice. For guidance tailored to your situation, consult a licensed Wyoming attorney.
Helpful Hints
- Review your property deed and any co-ownership agreement.
- Document all expenses related to the property.
- Consider mediation to save time and costs.
- Obtain an independent appraisal before agreeing on a sale price.
- Communicate offers and agreements in writing.
- Consult an attorney experienced in Wyoming partition law.