Family Law Valuation: a Brief Overview

When is a Family Law valuation required? There are a lot of crucial aspects to take into account and actions to take when parties attempt to resolve their financial relationship after a separation. One of them is to have the parties' respective property valued.

Family law courts have the authority to impose any just and equitable orders they see fit. If the Family Court is asked to decide how to divide the parties' marital assets, one thing it must assess is whether to use its discretion to do so. Whether there is a disagreement about the value of the party's important property may determine this.

What If the Parties are at Odds?

The valuation of property can frequently be agreed upon by the parties if a court decides to adjust it between the parties. It is possible to agree on the value of some assets for negotiating purposes, including negotiations during a mediation or dispute resolution process. aluations can be obtained if there is no consensus regarding the value of the property. Parties may agree on a joint valuation in order to determine the value of any property in question. <More>

Family Law Valuation Conditions

It is crucial to understand that any valuation used should be current at the time the parties are attempting to come to a consensus on the division of the property. Orders to complete the parties' financial relationship are based on the value of the property at the time the orders are made. They are not based on the valuation amount that might have been correct when the parties divorced.

It will be required to present the court with proof of a property's value if a case goes to a final hearing and there is no agreement on the value of the property. In order for the valuation to be recognised as evidence before the court, the person presenting it must possess the necessary skills to value the property.

A Single Expert

This raises the question of whether the parties should each appoint their own valuer or instead, appoint a single expert to prepare a joint valuation. A single expert is a valuer who creates a valuation for the court that can be used as the sole source of value evidence.

A single expert must submit a report that complies with the Family Law Rules when they prepare a valuation that will be used as evidence by a court with Family Law jurisdiction. According to Article 15.5 of the Family Law Rules, the court may, upon request or on its own initiative, order that just one expert witness present their testimony.

Is Expert Evidence Required?

The court may consider the following guidelines when deciding whether to seek expert evidence regarding the value of property.

when there is a serious point of contention;
when expert evidence is required to decide or resolve a matter;
whenever it is feasible and will not jeopardise the interests of justice to use expert evidence;
where there is a need to avoid unnecessary expenses that would result from engaging more than one expert;
in the interests of justice require expert evidence.

If the court determines that expert evidence is required, it must then determine whether such evidence should consist of only a single expert's opinion. The court will consider whether the matter belongs within a highly established body of knowledge and whether it is necessary for the court to have a variety of viewpoints when making its decision. In general, the Family Court will only appoint one expert.

The parties may choose to ask questions or seek clarification of the expert's findings after receiving the report of a single expert witness. The parties have 21 days to submit written queries or hold a meeting with the single expert.

A party may not submit a report or introduce the evidence of a different expert on the same issue without the court's approval if only one expert has been designated by the court to prepare a report or provide evidence on it. A party could still be dissatisfied with the valuation, even after asking questions or attending a conference with a single expert. There may still be a significant point of contention, such as whether the single expert employed the appropriate valuation approach.

**Why Appoint AskTheValuer to Carry Out a Family Law Valuation for Your Property?**

The goal is to ensure that you are not paying a cent more than necessary or getting a cent less than your rightful share in the property settlement. And it will be carried out for you at a reasonable fee in a private and confidential manner.

The Independent Principal Valuer at AskTheValuer who is a very experienced, skillful and knowledgeable professional will perform your family law valuation, either as an independent valuer or a single expert under joint instructions. For more details about the valuer, go to <About>.