Going through a de facto separation or a divorce is never going to be pleasant and it may be complicated if there is property involved and assets need to be divided. When two parties have split and the assets need to be divided in the property settlement, the court will need a valuation so they can fairly split the assets between the two parties.
A market valuation for family law court purposes can help reduce any disputes arising over the current value of a property. In some cases, the two parties may agree to use the services of a single Valuer to value the property before the assets are split, however in other scenarios each party will appoint their own property Valuer.
When do I need a family law/property settlement valuation?
When you’re in the midst of a relationship breakdown it can be a difficult time, especially if you and your former partner or spouse on property together. Even if the relationship ended on amicable terms there will still be questions about how to divide the assets, so to ensure you get your fair share in the property settlement you need to get your assets valued.
Divorce and separation aren’t the only times when you’ll need to get your assets valued. You will also need to get the assets valued if you’re dealing with a deceased estate or there’s an internal family buyout or buy-in (for example, brothers or sisters buying a house together).
Sometimes these types of settlements can lead to family disputes after the transaction has taken place, especially when one party divorces that the other party made a significant gain. A dispute may also arise when the two separating parties can’t agree on how to divide the assets.
This is why it’s beneficial to get an independent current market valuation before the sale, purchase or transfer of a property. A valuation can prevent disputes and disappointment later on.
Valuations ACT Valuers are professional and can inspect your property within 48 hours of your initial contact with a view to complete the valuation report within 3-5 business days.