What Is Family Law Valuation?
Family law valuations are the process of determining the value of assets and liabilities in a marriage or de facto relationship. These valuations are often required during property settlement negotiations and can include everything from real estate properties to business interests, vehicles and other personal property. The goal of a family law valuation is to provide an accurate and objective assessment of the assets and liabilities so that they can be divided fairly between the parties.
Why Do We Need Family Law Valuation?
There are several reasons why family law valuations are necessary. Firstly, when couples decide to end their relationship, they need to divide their assets and liabilities fairly. Without a family law valuation, it is challenging to determine the value of the assets, and it can be difficult to ensure that each party is receiving a fair share.
Secondly, in some cases, parties may have a dispute over the value of assets. For example, if one party believes that a property is worth more than the other, it can lead to a disagreement during the negotiation process. A family law valuation can provide an objective assessment of the value of the asset, which can help resolve disputes and prevent costly litigation.
Lastly, family law valuations are necessary to ensure each party receives a fair settlement. Without an accurate valuation, one party may end up with more or less than they deserve, leading to an unfair outcome. A family law valuation can help ensure each party receives a fair share of the assets and liabilities.
What Are The Steps In The Valuation Process?
The process of family law valuations typically involves the following steps:
- Engaging a valuer: The first step in the process is to engage a qualified and experienced valuer who specialises in family law valuations. It’s essential to choose a valuer who has experience in this area, as they will be familiar with the requirements of the Family Law Act and the Court’s expectations.
- Property inspection: Once the valuer is engaged, they will typically inspect the property or assets in question. This may involve an on-site inspection, photographs and measurements.
- Market research: The valuer will then conduct market research to determine the value of the asset. This may involve researching recent sales of similar properties or businesses in the area, as well as considering any unique features or attributes of the asset.
- Report preparation: Once the research is complete, the valuer will prepare a report that outlines the value of the asset. The report will typically include a detailed description of the asset, the valuation methodology used and any assumptions made during the process.
- Court presentation: If the matter proceeds to Court, the valuer may be required to present their report as evidence. The report may be subject to cross-examination and the valuer may be required to defend their methodology and assumptions.
In conclusion, family law valuations can be a necessary part of the property settlement process. They help ensure that each party receives a fair share of the assets and liabilities and can prevent costly disputes and litigation. At Peterson Property Valuations, we have extensive experience in family law valuations and can provide you with a comprehensive and objective assessment of your assets and liabilities. Contact us for more information.