Separation can be either distressed or peacemaking. When you are feeling suffocated or facing difficulties being in a relationship, you just want to get freedom from this bond. That leads you to choose the separation or divorce option as a solution.
While going through a divorce, your property asset has a significant role. The property must be divided equitably among the two parties.
What is family law valuation?
When two parties get separation through a divorce or breakdown of a marriage or defective arrangement, family law property valuations are needed. The professional valuer provides property valuation information and helps you to achieve successful property outcomes.
You may think that you can use the purchase price of the property or the valuation undertaken by the bank when you purchased the property.
The values of a property can be out of date or overinflated and vastly different. It can be difficult to reach a compromise figure and that leads to further dispute over value.
Purpose of family law valuation
By engaging an expert valuer for family law property valuations, you can independent and unbiased valuing solution.
If the separation or the property division is courteous, the court can assist the matter with a settlement. When there is a dispute over the value of your property, an impartial valuation is required.
If the parties cannot come to an agreed value, they can seek some effective advice from a genuine valuer for family law property valuations. The valuer needs to provide a sworn valuation in the form of an affidavit which the parties can file in court.
How to appoint a valuer?
- Both parties can appoint a valuer jointly together. Engaging a valuer jointly is less costly as both parties can split the charge of the valuer.
- Each party can appoint valuers independently. The valuers have to attend a conference before any hearing in the court and prepare a report as to the issues discussed.
- In case, you are facing choosing a valuer, you can request the court to appoint someone. The court can also order the parties to pay the charge divided equally.
- You can appoint the valuer through an independent institution.
- The court may decide on the value of the property after both parties provide evidence with reports from valuers.
Process of the Valuation
There is no fixed method for family law property valuations.
The professionals carry out the valuation process based on the updated and fair market value of the property. This is the price that acts at arm’s length. The buyers or sellers can anxiously pay and receive the amount with adequate information.
There are distinctive valuation methodologies used to determine the fair market value of the property. These include completing a direct comparison of recent sales evidence or conducting a yield analysis.
The expert, whom you have appointed for your family law property valuations, must make the right decision and justify it. It is crucial to identify the parties’ assets and their worth before stepping into a property settlement.