However, before doing so I would like a better understanding of the potential downsides of initiating the filing.
Criminal Defense Attorney
One of the biggest downfalls of filing for a partition suit is the costs associated with the same. If my memory serves me correctly, the court will have to appoint three independent people to determine if (1) the property can be divided in part or whole without sale and, if so, the value of the parts so divided. If there is a consensus the the property is not divisible, then and only then can a sale take place. If the property is sold, then all parties share in the expense of the sale, including the attorney's fees for the party originating the partition suit, in their proportionate ownership shares. Considering you will have multiple people and possibly multiple attorneys involved (all of whom will want paid), and the fact that this type of suit is fairly time intensive, it may be advantageous for all owners to determine if they can reach an agreement on either division or sale without the need to file a formal partition.
Another possible downside is that if you are wanting the property sold as a whole, but the court concludes the property can be divided, you may end up with a parcel that you didn't want or to which you don't agree to the valuation assigned to your parcel.
You will want to hire an attorney and do so promptly if you know that a settlement cannot be reached at this juncture.
This response is being provided for information purposes only and does not constitute an attorney client relationship. Furthermore, I am only licensed to practice law in the State of Illinois. While there are oftentimes similarities between States' laws, there can also be large differences. You should not rely on this response as legal advice and are highly encouraged to speak to an attorney licensed in your State for an accurate legal answer.
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