Ownership disputes can occur in several different situations. The most common types of ownership disputes are those caused by divorce or disruption in a business partnership. The most complicated type of ownership dispute involves business partnerships, because these have the most significant impact on the ongoing income of the individuals involved.
Business-Related Ownership Disputes
A dispute between co-owners of a business can disrupt the business’s processes. Many companies go out of business after an ownership dispute. If a co-owner refuses to pay their share of the business’s costs, if there are disagreements about management, or more can lead to significant ownership disputes.
There are a few ways to resolve business-related ownership disputes. Mediation sessions may allow co-owners to agree on the best outcome for their business. One owner may be able to buy the other owner out. They may also agree to sell the property. Incorporating a provision into the initial property agreement can help prevent these disruptions from occurring. They will also provide the best course of action for co-owners in the event of an ownership dispute. It is highly recommended to include ownership dispute processes in the original contract.
Smaller cases of ownership dispute may be settled through small-claims court. These cases do not require a lawyer, but small-claims courts have a maximum amount of money that can be involved. For this reason, larger business or more significant amounts of money should be resolved through other means. Divorce disputes are typically resolved through a family court rather than a business-related one.
Ownership disputes can be extremely emotional, as well as have a significant impact on your life. If you co-own property with another individual, you likely have an extensive history with them, which can make it difficult to see things clearly. For the most beneficial process possible, you should seek the services of an experienced estate litigation lawyer. To obtain superior, high-quality legal guidance, contact us at LeBaron & Jensen today!