By: Erica C. Minchella
A Partnership Agreement is essential for joint property owners, as it outlines the distribution of profits, losses, contributions, and management responsibilities. Without it, partners who later separate lack a clear plan for dividing property and equity, often leading to costly legal actions like a Partition Suit. This agreement provides a roadmap, helping to prevent disputes over property in the event of a breakup.
Read the full article in the WBAI Fall 2024 Newsletter on page 18.