What is joint ownership (“indivision”)?
You are inheriting an estate but are not the only beneficiary? Then you find yourself in a situation of joint ownership (“indivision”) with the other heirs. What rights do you have? How are decisions made?
After a death, if there are several heirs, the deceased’s estate is held in joint ownership.
This means that the assets of the inheritance belong collectively to all heirs, without their respective shares being physically divided.
The assets included in the joint ownership are called jointly owned assets.
Each member of the joint ownership, called a co-owner or co-heir, is allocated a share in the form of a proportional interest.
Joint ownership is only a temporary phase in the administration of the estate. It ends when the estate is divided.
Note
There is only joint ownership when the heirs have rights of the same nature over the same asset.
This is the case, for example, when two children inherit real estate together.
Under what conditions can you use jointly owned assets?
The use of jointly owned assets is subject to the following conditions:
- obtaining the consent of the other co-owners; if no agreement is reached, you may refer the matter to the court,
- respecting the purpose and intended use of the asset,
- paying compensation to the other co-owners if you alone use a jointly owned asset (unless the other co-owners decide otherwise).
How does the legal regime of joint ownership work?
The legal regime of joint ownership comes into effect automatically and obligatorily when the assets of an estate belong jointly to all heirs.
The rules for decision-making vary depending on the type of decision to be taken.
How can you exit joint ownership?
You may leave the joint ownership at any time, unless a court decision or an agreement between co-owners prevents it.
You have several options:
- you may transfer your share by giving or selling it to another co-owner or to someone outside the joint ownership. Note that the other co-owners have a pre-emptive right to purchase the share you wish to transfer,
- you may request the division of all or part of the assets. To finalize the settlement, you must agree on the value of the assets so they can be distributed according to each co-owner’s share,
- you may reach an amicable agreement to sell the assets and distribute the proceeds proportionally according to your respective shares.
Note
If you wish to sell your share, you must inform the other co-owners through an official notification issued by a bailiff or another authorized legal officer.
The other heirs who wish to continue the joint ownership may request the court to postpone the division by applying to the nearest court (“Tribunal Judiciaire”).
Med venlig hilsen / Kind regards
Cabinet Nicolas BRAHIN
Advokatfirma i NICE, Lawyers in NIC
Camilla Nissen MICHELIS
Assistante – Traductrice
1, Rue Louis Gassin – 06300 NICE (FRANCE)
Tel : +33 493 830 876 / Fax : +33 493 181 437
Camilla.nissen.michelis@brahin-avocats.com
www.brahin-avocats.com
