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.
We understand that divorce proceedings can be both stressful and emotional. On top of that, you must consider the division of your marital assets and properties. That’s why our Independent Property Valuers at Peterson Property Valuations can provide valuations to help alleviate your stress and offer quick settlement resolutions in Queensland.
The marital property encompasses everything from personal property like homes to commercial premises. In situations where separation or divorce is amicable, arbitration may not be required. However, in most cases, emotional ties to property prevail and put further strain on a dissolved partnership and prevent civil discussions.
That’s where independent advice comes in. Property valuations for divorce property settlements can be undertaken by our valuers who remain unbiased and emotionally uninvolved during proceedings. This allows for quick and effective valuations to be carried out and ensures couples can move on after their divorce as soon as possible.
We consider properties of a similar size and style to determine the property value as suggested by local market figures. This will ensure that marital assets are divided equally amongst both parties.
If you would like to learn about the benefits of using a property valuer during a separation, read our guide to family property valuations.
If you’re struggling to cope with your divorce and ensuing property settlement discussions, contact Peterson Property Valuations today.
Our reliable team services clients throughout South East Queensland.
Valuing a property in family law settlements
Family law property valuations can be emotional for everyone involved. Deceased estates and internal family share buy-outs or buy-ins all fall under this category. Disputes normally arise in cases where one family member feels as though another has significantly benefited from a property settlement.
Why Do You Need Valuers For Family Law Proceedings?
Employing an expert valuer for your family law proceedings is important to guarantee a proper valuation. It ensures that assets are divided fairly between separate parties and removes any bias from 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.
At Peterson Property Valuations, we consider many factors when it comes to valuing a property. This includes brand names, latest renovations, and property conditions. All proceedings are conducted in accordance with instructions provided by the Family Law Court.
Independent property valuations are strongly advised to prevent disputes during a property transaction. They also ensure that a property is priced and sold according to current market standards.
Family law property valuations provided by experts will allow your family to heal and gain closure after the loss of a family member or matters of dispute.
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.
Frequently Asked Questions
How is the value of a house determined in a divorce?
Divorce solicitors and family lawyers will have a selection of expert property valuers for you to choose from. The surveyor you select will be considered a ‘single expert witness’ and will independently determine the value of your property.
Professional valuers usually conduct a comparative market analysis to determine the rate of similar homes that have been recently sold or put on the market. Valuers will take into account any special features of a house, such as in-ground pools and technological infrastructures, which could impact the price.
Any home improvements will be noted and subject to division also, along with appreciation or depreciation costs to consider whether a home has changed in value over the years.
Once photographic evidence and research have been gathered, a professional valuer will provide the divorced individuals with a valuation report that will be assessed during proceedings.
Why do I need an independent property valuer to perform a property valuation if I go through a divorce?
Independent property valuers allow you to resolve property settlement disputes in a civil manner. They offer an unbiased, unemotional, and accurate valuation to determine how marital assets should be split.
An independent property value is not required where divorce proceedings are amicable and resolved efficiently amongst ex-partners. However, they can give you peace of mind that you’re not considerably under-settling when it comes to property division.