When a couple separates or divorces it is very unlikely that they will remain in the matrimonial home for an extended period of time. In an ideal scenario the two parties will agree on what the property is worth if they decide to sell it, however in other cases they will disagree on the value. They may also disagree on the division of the property. Before the property can be divided, it’s value needs to be ascertained for the Family Court who will make a ruling as to the amount that each of the two parties is entitled to.
This is why a valuation from NT Valuers for Family Law purposes is so essential. It can save many hours, days, weeks or months spent arguing over what each party is entitled to. It typically occurs when parties disagree about the property’s value or want confirmation over its value. Although it is not against the law not to get a property valued, the courts prefer separating parties to have a property valuation before they go to court. A property valuation helps the magistrate makes a ruling on the division of assets to that both parties receive their fair share.
In cases where the two parties cannot agree on what the property is worth, one of four things will occur:
1. They can ask the court to appoint a property valuer.2. They can engage their own separate valuers;3. They can apply to have a valuer assigned through an independent body such as the Australian Property Institute (API).4. They can allow the court to assess the value of the property based on supplied evidence.
When and why do I need a Family Law property valuation?
Family Law property valuations are useful in two scenarios:
1. When a relationship has broken down and the assets need to be split between the two parties.2. When someone’s estate needs to be valued before Probate is granted.
Sometimes one of the parties in both scenarios will want to make an offer to buy out the other party or both parties will want to sell and the property but before they do so they will need to know what the property is worth so they can list it accurately.
Many NT Valuers clients have come to us after they’ve had a dispute with a family member or former spouse when dividing the assets. We’ve heard of disputes arising from one party feeling as if they did not receive their fair share of the assets. An independent valuation before the division of assets can save you a lot of long term pain and stress and give you the certainty you need to progress with the sale or division of the property.
We are highly experienced and after assigning you the most suitable property valuer we will complete your property valuation within 3-5 business days of your inspection so get in touch with us on (08) 8911 1505.