Family Law Property Valuations
Valuations for Family Law Property Settlement
Marriage or defacto relationship breakups are rarely straightforward. They can become drawn-out, costly and heated when neither party can agree on how to distribute their jointly owned assets. If you or your partner cannot agree on the value of the family home for the purpose of negotiating a fair property settlement, one of the best starting points would be to get a family law valuation from an independent professional valuer.
A valuation to determine the value of property owned either individually or jointly by a married or a de facto couple will assist in the division of the assets.
Several Scenarios Requiring a Family Law
Several scenarios could arise requiring a property valuation to be commissioned. These could include:
The parties agree to settle amicably on a share split of the property without going to court.
They agree to engage an independent valuer and agree to accept the valuer's determination of the property value as final. This could save them considerable legal fees and the anxiety of going through the court process that could drag on for many months or even years.
The parties agree to settle out of court but cannot agree on the choice of valuer to appoint.
This could be a tricky situation and may be resolved by each party engaging their own valuer. However, in almost all cases the two valuations will differ, at best by a small percentage (say, 5%). The parties should pre-agree that they will abide by the two valuers' final value agreed upon in a conference between the two valuers.
One party wants to buy the other party's share of the property or sell his / her share of the property to the other party, but both...
..parties cannot agree on the property value. If both agree to engage an independent valuer and agree on the choice of valuer the situation should be resolved.
One or both parties want the dispute to be settled in court.
The Family Law Act 1975 (Cth) (the Act) determines how to divide property in the event of separation of a married or de facto couple and will consider the parties’ financial contributions, non-financial contributions and future requirements. If the two parties agree on a value of the property, the court will accept the agreed valuation. If the parties cannot come to an agreed value of the property, they may seek the services of a valuer. The court will then require the valuer to provide a sworn valuation in an affidavit which the parties can file in court.
The court does not prescribe a valuation approach.
If the parties agree to a property valuation, it is seldom that the court will question how the value was assessed. If the parties do not agree to a property valuation, the court will likely take into consideration the method at which the valuer came to make the valuation.
The Benefits of Getting a Family Law Valuation
* Get Independent Advice from a Certified Practising Valuer
You can rest assured that you will receive a professionally prepared valuation report that is unbiased.
* Avoid Going to Court
If the parties agree, there is the potential of avoiding the need to go to court with an independent family law valuation or a valuation for a partnership dispute.
* Get What is Rightfully Yours
Do not be short changed! Do not give up assets you think belong to you until you have an independent family law or partnership dispute valuation.
* Ensure Court Case Proceeds as Smoothly as Possible
Provide both parties' lawyers and the court with a professionally prepared valuation report in their deliberations to prevent delays.
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