When there’s a death in the family or a relationship breaks down the assets will need to be divided in what’s known as a property settlement. Before the assets can be divided between the parties, they will need to be valued so they can be divided fairly between the parties. Property often needs to be split because of its high value which means that it is purchased and owned by more than one party.
Divorce and separation
It’s a common misconception that everything will be split directly down the middle in a 50/50 split. The final split is dependent upon a number of factors in line with the Family Law Act.
The first action that needs to be taken before the property settlement process can get underway is to determine what all the assets and liabilities are worth. This is important to ensure that each party gets their fair share of the assets.
If the parties can’t agree on the value of the assets to be split then getting them valued is an imperative first step in the property settlement process.
A valuation for property settlement purposes should include details of the capital gains or losses incurred on the real estate. Although there’s no specific method for valuing properties for property settlement purposes, the courts generally prefer a fair market value valuation. The fair market value refers to the price a willing buyer with sufficient information would pay for a property. Fair market value does not refer to the price that someone would pay if they were desperate.
A property valuation means that the assets can be split fairly between the two parties. This is particularly important if the two parties cannot reach an agreement on their value.
Why choose us?
Valuations TAS is Tasmania’s premier valuation company and our expert property Valuers specialise in property settlement property valuations giving you the confidence that the valuation you receive is an honest reflection of what the property is worth.
We are members of the Australian Property Institute (API) and our property Valuers regularly attend Continuing Professional Development (CPD) programs so they’re up to date with current property valuation methods and standards.
For a professional and independent property settlement valuation get in touch with us on (03) 6169 2559 and we’ll book you in with the best valuer for your needs.