The value of obtaining independent valuation advice
Separation can be a very difficult and emotional time and it is important to seek advice. Over the lifespan of a relationship significant wealth can be accumulated and it is important to ensure that a fair and equitable division of assets is achieved. One of the major asset classes for most couples is property, either the family home and / or investment properties.
So how do you achieve an equitable solution? The answer is to seek independent valuation advice from an appropriately qualified property valuer. There is no exact formula used to divide property (Family Court of Australia, 2019) however, having an accurate independent valuation will ensure that whatever the apportionment, you are assured it is the correct market value. The risk of not seeking appropriately qualified advice could lead to significantly under or over stating the value of your assets, potentially costing you thousands!
Obtaining a valuation for separation, otherwise known as a matrimonial valuation, provides clarity on a property assets true market value at a specific point in time being either current or retrospective. Matrimonial valuations are prepared for in accordance with Family Court requirements. The valuer would typically inspect the property in question to fully understand the various characteristics of the asset before undertaking forensic analysis of the market and comparable sales to determine the market value of the property. Accordingly, once obtaining a qualified independent valuation you can be assured that the true value of the property has been assessed and that a fair and equitable outcome can be achieved.
Lee Property have fully qualified, highly skilled valuers ready to assist in the valuation of all property classes including, residential, commercial, industrial and rural property. If you would like to discuss your property portfolio in more detail do not hesitate to call us.