Please know that I am revising my initial response above as certain information was just presented to me.
I failed to ask/notice in which state you reside- thus, please know that I'm not familiar with the laws in the State of Virginia - therefore, you can contact a paralegal's office to obtain such information (regarding Statute of Limitations). I have only found the following - regarding debt collection:
Oral Agreements: 3 years
Written contracts: 5 years
Promissory Notes: 6 years
Open Accounts: 3 years.
Statute of Limitations on Debt Collection
Debt collection statute of limitations listed by state
However, the co-owner may be able to collect on a certain portion of the rent, providing that he/she can substantiate that he/she is entitled to same. He/She would do so by filing a complaint for money, if you are unwilling to come forward in order to settle out of court.
Note also, which was brought to my attention: the co-owner may be liable for expenses which would offset the rent due.
If you have expended certain monies for maintenance of the property/tax, etc., you can also seek reimbursement.
I do suggest that you consult with a paralegal's office or an attorney in order to protect your rights.
I trust this answered your question.
If you wish for further information, please let me know.
Peace, Love & Happiness,
The Mystic Wave
Information provided herein is based on my 30 years experience as a legal secretary/paralegal in the State of California, with experience and knowledge in the State of Nevada. This information is not intended to substitute for informed professional legal advice from a practicing, licensed attorney.