Detailed Answer
Disclaimer: This article is for informational purposes only and does not constitute legal advice.
When co-owners of real or personal property in Wyoming cannot agree on a buyout price, they have several paths to resolve the dispute. First, they may negotiate directly or engage a neutral appraiser to establish fair market value. If negotiation fails, mediation or arbitration offers a structured process for resolving valuation differences without court involvement.
When voluntary methods stall, any co-owner can file a petition for partition under Wyoming law. The partition statute (W.S. 1-32-101 et seq.) allows a court to divide property or order its sale. A partition in kind means the court physically divides the land so each owner receives a distinct parcel. If physical division would be unfair or impractical, the court orders a partition by sale (W.S. 1-32-103). The proceeds from the sale go into court and the judge allocates net proceeds among the co-owners according to their ownership shares.
For personal property, such as vehicles or business assets, Wyoming statutes (W.S. 1-32-113) authorize similar partition procedures. A court may divide items in kind or order their sale at public auction and distribute proceeds.
Key steps in a court partition action include filing a petition that names all co-owners, describes the property, and states the requested relief. The court then issues summons and may appoint commissioners to survey and divide the land or conduct a sale. Each co-owner may contest the valuation or request that the court appoint appraisers to determine value.
While partition resolves ownership disputes, it often involves additional costs—filing fees, appraisal costs, and commissioner fees. Co-owners should carefully weigh these expenses against the benefits of a court-ordered sale.
Helpful Hints
- Obtain at least two independent appraisals to support valuation during negotiations or court proceedings.
- Consider mediation early. It’s generally faster and less expensive than a partition lawsuit.
- Review any existing buy-sell or co-ownership agreements for agreed-upon valuation formulas.
- Document all communications and offers in writing to create a clear record.
- Consult a licensed Wyoming attorney to evaluate deadlines, fees, and procedural requirements under W.S. 1-32-101 et seq.