In the event of a divorce or a relationship breakdown, one of the things the parties have to decide is who gets what out of the assets accumulated during the relationship.
Obviously, both parties wish to achieve a fair distribution of property. It is impossible, however, without firstly ascertaining the value of the items comprising the pool which is to be divided at property settlement.
In many cases, especially if you are involved in court proceedings, valuation has to be conducted by an expert licensed valuer. In most cases, such valuation has to be initiated jointly with the other party, to keep things transparent.
Your family lawyer can help you with finding the right valuer for your property and advise you on how the valuation should be conducted in the context of your particular family law settlement.
Changing values and asset pools
Unfortunately, the process of valuing assets can be hard in a volatile property market. For instance, if parties own a property in Sydney, its value may fluctuate greatly from the time of separation to the date of settlement and you may need to obtain an updated valuation closer to the date of settlement or final hearing at court. This, obviously, will cause you to incur additional costs.
If your matrimonial pool of assets comprises one or more real properties, you may consider obtaining two or three real estate appraisals for the purposes of estimating the properties' value at the initial stages of your negotiations and, if need be, arranging for an expert's valuation later in the process, closer to the settlement or the final hearing.
If your property settlement is achieved amicably, through negotiations and subsequent agreement, you may not need a professional valuation at all, if you agree on the value of the assets subject to the division. If, however, your property settlement ends up in Court, the Court is likely to make orders for a joint valuation of your major items of property, including your real property, if you and the other party cannot agree on an estimate.
If you would like to learn how an experienced divorce lawyer can help you during a property settlement, it is important you talk to the experts. Contact Craddock Murray Neumann Lawyers today.