A partition suit is a civil lawsuit filed in order to obtain a judicial ruling and court order to separate or liquidate real or personal property owned by more than one party. Lawyers.com explains that there are two different kinds of partition: partition in kind and partition by sale.
Partition in kind is the division of the property in which each owner walks away owning a portion of the original property. Partition by sale is when division is not possible or not agreeable to all parties and the assets must be sold. The monies received from the sale of the asset are divided amongst the parties.