It is common for spouses to have a dispute over the value of assets such as real estate, motor vehicles, boats, jewellery and even business interests. Without evidence as to the value of the asset, an objective valuation report from an experienced and reputable professional can provide key details to help resolve conflicts in a fair manner. This can also be more cost effective in the long run.
What is a valuation report?
A family law valuation report details the assets value. This report includes:
- the date of the valuation;
- the valuer’s qualifications;
- the valuation methods; and
- the data used to determine the final value.
The report must meet the Federal Circuit and Family Court of Australia’s standards.
How does a valuation assist in resolving a dispute?
Valuations are comprehensive and transparent sworn documents that provide the Court with an objective value and relevant information in the hopes of a fair settlement. The valuers that we use are trusted individuals by the Court to provide unbiased evidence. Some valuers can be determined as an Expert Witness in a case. The information provided in the report allows parties to make an informed decision and come to an Agreement.
What can complicate a dispute?
Every matter is unique and holds its own issues and considerations to consider. Here are a couple potential complications that can arise and how a valuation may assist:
- Disagree on value: Parties may have their own opinions on a assets worth, the valuation determines a fixed value.
- Conflicting reports: Parties each may have retrieved their own valuer, and their reports may differ by a lot or a little. The Court may then call a single expert witness to provide a single valuation report.
- Biased valuers: Parties may call on a valuer of which they know personally to potentially sway the report in their favour. Valuers must be certified, independent and impartial.
When would I seek a valuation report?
To put it simply, when you and the other party cannot agree to a value of an asset, that is the time to obtain a valuation. If the matter is in Court, then the Court may make an Order that you jointly engage a valuer, and the Court will consider that as the true value of the asset.
How much is a Valuation Report?
This greatly depends on the complexity and location of the asset. Very generally, a valuation report could cost anywhere from $700 upwards per real property. If the valuation is required for a business interest then the cost of the valuation could be anywhere from $6,000 upwards. However, this cost usually is shared between the parties unless agreed otherwise. In some cases, one party pays this upfront for the other party to reimburse half back at a later date.
