Family Law Valuations
Property settlements for separation & divorce proceedings
Valuations are needed in family law proceedings to provide a fair division of assets between separating parties.
At Peterson Property Valuations, we offer our services to allow the parties to come to a negotiated settlement based on a confident and fair view of the property value.
Our reliable team services clients throughout South East Queensland.
Why Do You Need Valuers For Family Law Proceedings?
In divorce and separation proceedings, the The Family Law Act 1975 (Cth) (the Act) determines how to divide property between that of a married or de facto couple. For a fair division of assets, these must first be valued. Moreover, a family law valuation may be subject to litigation and requires accurate details of the property.
This often comes down to the brand names of fixtures and fittings and a comprehensive description of the latest renovations or taking proper account of the condition of improvements. These valuations are undertaken on behalf of one of the parties—or both in the case of jointly appointed valuations where each of the parties usually pay half of the valuation fee. Valuers undertaking jointly appointed valuations have specific instructions which are set out comprehensively by the Family Law Court.
If necessary, these valuations can be presented in court and in preparation for a possible conference with a valuer representing the other party. Family law valuations include all information provided with our standard property valuations as well as a Statement of Compliance with Family Court rules. Generally, they are provided to clients within 5–7 working days of initial inspection.
Deceased Estate Valuations
Executors of Deceased Estates may be placed under pressure by potential beneficiaries to determine their fair handling of the Estate. In this regard if a sale of the property is contemplated it is strongly recommended that the Executors obtain an independent valuation prepared by a Registered Valuer.
A full format valuation is recommended. This typically has 6-8 comparable sales and describes the property and its condition in great detail. It provided the basis for the valuation. This would most often establish a “Reserve Price” if the property is to be sold.
It is also recommended that a formal valuation is obtained where it is proposed that one beneficiary “buys out” others. If a valuation has been obtained the Executors have peace of mind and protection against any claims that the property was “under sold”.
There are Capital Gains implications with Deceased Estates.
Why a valuation and not an appraisal?
An appraisal is prepared by a Real Estate Agent with his/her suggested opinion of what the property might sell for. This is often given as a bracket rather than a price and may be based on assumptions in the market over the next 3-6 months and asking prices of other properties rather than achieved sale prices.
A valuation is a comprehensive analysis of the property’s features to determine its market value. It uses principles mostly adopted from Court decisions as its basis.
A valuation is issued with a single figure rather than a bracket but also with the reasoning for the value selected. This approach has long been held by the Law Courts as the best and most equitable way to establish “fair market value”.
Valuations for property settlement can be provided for individuals or on a “jointly appointed” basis where both parties appoint the same valuer and he has a duty of care to both parties set out by Rules of the Federal Court.
Contact Us For Expert Advice
Please contact our team for more information on any family law valuations.