Australian Valuations have conducted many valuations for Family Law matters. We are often called upon to provide expert witness reports in accordance with Family Law Rules.
This depends on whether agreement can be reached between the involved parties on the value of the assets. Family law property settlements can become emotionally expensive. Whether it be a deceased estate, divorce or internal family share distribution, an independent valuation provides clarity and can resolve or prevent disputes escalating out of control.
An agent’s or auctioneer’s appraisal is typically given as a guide to the value of properties and assets, usually for free, and may not be relied upon legally as an accurate value of the property or assets in question. In contrast, a professional valuation is prepared by an accredited valuer who has specialised knowledge and experience, to provide a valuation conducted in accordance with professional valuation standards.
This depends on the nature of the assets involved and if there are any related business interests. For real estate property and personal belongings the universal standard definition of “market value” is normally adopted by the valuer. Where business assets are involved and a “market value” assessment is required the premise of value needs to be considered. Premise of value means an assumption regarding the most likely set of transactional circumstances that may be applicable to the subject valuation in keeping with the highest and best use of the assets. For more information on “Market Value” definitions and premise of value click here.
Typically, if you are represented, your lawyers will make enquiries and assist you to identify an expert valuer(s). Where possible, parties are normally encouraged to agree on a Single Expert valuer. The benefit of having a Single Expert valuer is that the cost of the Valuation & Report is typically shared between the involved parties. In addition, the values provided by the Single Expert valuer are accepted by the Court as evidence without either of the parties involved having to apply separately to the Court to accept the evidence.
This is general information only, and does not constitute specific legal advice. We recommend you discuss your circumstances with your legal advisors. If you or your lawyers would like further information in relation our services including Valuations for Family Law Matters please contact us on 1300 789 809 or email us at firstname.lastname@example.org.