Final answer:
An action to compel the severance of respective interests in jointly owned property is called a partition. It is a legal remedy that divides the property among co-owners either physically or by sale.
Step-by-step explanation:
An action for partition is a legal remedy initiated by a co-owner of property seeking to compel the division of respective interests. When co-owners cannot reach a voluntary agreement on the division of property, this legal process allows an individual to petition the court for an order of partition. The court can then decree a physical division of the property (partition in kind) or, alternatively, a sale of the property (partition by sale) with the resulting proceeds distributed among the co-owners.
This legal recourse ensures a fair and equitable resolution when disagreements arise among property co-owners, offering a judicial solution to the complex matter of dividing shared interests in real property.