Going through a separation or divorce is an extremely difficult and emotional time. When a relationship ends, one of the most valuable assets that needs to be divided is often the family home or other shared property. Having an accurate, unbiased property valuation is crucial for reaching an equitable settlement and avoiding prolonged disputes.
David Fitzroy understands how stressful this process can be. As experienced family law property valuers, we are here to guide you through the intricacies of property valuation during separation with professionalism and sensitivity. This article provides helpful information on the key things you need to know.
What Is A Family Law Property Valuation?
A family law property valuation provides the current fair market value of a property when a couple is going through a separation or divorce. It is undertaken by a certified property valuer who specialises in family law valuations.
You cannot rely on the original purchase price, a standard real estate appraisal, or the valuation done for your mortgage application. These figures will likely be out of date or fail to account for important factors impacting value. Getting an independent valuation from a qualified expert provides an accurate, unbiased estimate that both parties can confidently rely on.
When Is A Family Law Valuation Required?
If you are able to reach an amicable settlement without involving the courts, having a professional valuation can still help you equitably divide your property. However, if there are disputes over asset values, an independent valuation will almost certainly be required.
These types of valuations are also useful for estate administration and transferring ownership within families. Having an authoritative value early on can prevent lengthy disputes down the track.
Who Appoints The Valuer?
For family law matters, it is best to jointly appoint a single expert witness. This is usually a certified property valuer registered with the Australian Property Institute who specialises in family law. The Federal Circuit and Family Court requires that valuation evidence comes from a single expert witness. This streamlines the process and minimises costs.
The independent value provided by the jointly appointed expert is accepted as authoritative evidence by the Court. However, each party can choose to appoint their own valuer if preferred, though this is likely to be a more complex process.
What’s Involved In A Family Law Property Valuation?
The valuer will physically inspect the property to gather all relevant information. They will analyse recent comparable sales and market factors to determine the property’s value using established valuation methodologies.
You will receive a comprehensive report containing details of their valuation, including:
- Photographs and descriptions of the property
- Analysis of property attributes and market conditions
- Supporting evidence for the valuation figure
- A legally binding opinion of the current fair market value
This provides a clear benchmark to guide your negotiations, without having to actually list and sell the property first.
Partner With Experts You Can Trust
Going through separation is difficult enough without having to worry about the legal complexities of property valuation. The family law valuation specialists at David Fitzroy are here to provide authoritative, independent valuations with sensitivity and discretion. We can help you achieve fair property settlements so you can move forward.
With over 20 years of experience, our valuers are fully accredited in family law and serve as expert witnesses in court proceedings. We understand the technical requirements and what the Court is looking for. Reach out to us to discuss your situation in complete confidence.
