The biggest decision that needs to be made after you separate from your spouse or partner is what happens to the matrimonial property. In an ideal world both parties would be able to agree on the value of the property and what happens to it. In some circumstances however that’s not the case and there’s a dispute over the value of the property and the amount that each party is entitled to.
This is where a family law valuation comes in. A family law valuation is a valuation that occurs when the separating parties cannot agree on the value of the property or when they want certainty around its value. Although it’s not a requirement, the courts prefer separating parties who are attending court to come prepared with a property valuation. A property valuation assists the magistrate in dividing assets fairly and equitably.
Sometimes separating parties will not agree to a valuer so one of four things will happen:
They will apply for the appointment of a valuer through an independent entity (for example through the Australian Property Institute (API).Ask the court to appoint a valuer.Engage separate valuers.Permit the court to determine the value of the property based on the two parties supplying evidence.
When and why do I need a family law valuation?
After the breakdown of a relationship, the property needs to be divided and that can be an emotional time. One party might want to buy the other party out or the property will simply be listed on the property market. It can be difficult deciding what the property is worth. Getting an independent valuation before any decisions are made about the property can remove the likelihood of a dispute that might arise after the property transaction.
We have heard of disputes that have arisen after a property has been sold. These disputes normally arise when one party has significantly benefited.
An independent property valuation can give you the confidence to proceed with any property transaction knowing that you and your former spouse will receive a fair share of the assets. A valuation can save you a lot of hassle in the long run.
We are sensitive to these matters and will complete your valuation within 3-5 business days so to be assigned the right valuer for your needs give us a call on (03) 6169 2559.