After a separation, emotions will be running high and it will be a difficult time for both parties involved. Whether the relationship was only a couple of years or a couple of decades there are things to consider and get in order. One of the biggest, if not the biggest, thing to sort out after a separation is how to divide the shared assets. Even if the parties have agreed on the percentage split of the assets there will still be questions over how much the assets are worth and whether or not the division is fair.
It is therefore essential to get the matrimonial assets valued by a professional and independent property valuer before they are divided. Doing so reduces the chances that there will be arguments later on about how the assets were split. It also means that if the two parties cannot agree on how the assets can be divided the courts have an independent property valuation that they can rely on when making a judgement on how the assets should be divided.
In cases where the two parties can’t agree on the value of the property they have three options: 1. Hire a property valuer that you have both agreed on.2. Choose your own independent property valuer.3. Allow the Family Court to appoint a property valuer.
Regardless of what option you choose, the property valuer should conduct the property valuation at the current market value and it should always be done before the property is sold or another property transfer occurs (such as one party buying the other party out). A current market value valuation is especially important if the property is mortgaged. Before one party can buy the other party out they will need a valuation for lending purposes. This is because the lender will want to know that if the mortgage terms change the repayments can still be met.
A separation valuation from NT Valuers helps you know where you stand with both your former spouse and your finances so you can make an informed decision about what to do with the property.
Why choose NT Valuers for a separation valuation?
As members of the Australian Property Institute (API) and backed up for 20 years of property valuation experience we are leaders in Northern Territory property valuations. We are professional and keen to help you in your valuation matter. Whether you’re in Darwin, Katherine, Alice Springs, or elsewhere in the Northern Territory we can assist with your separation valuation matter and will do so with strict adherence to industry best practice so pick up the phone and give us a call on (08) 8911 1505 to set up an inspection time.