Certified Practising Valuers can act as expert witnesses when determining a properties value for Family Law or Separation purposes. The appointed valuer is an independent expert to determine an appropriate market value for both parties to consider prior to property settlement. Some key points for Family Law Valuations are as follows:
- If the parties cannot come to an agreed value of the property, they may seek the advice of a valuer. The court will then require the valuer to provide a sworn valuation in the form of an affidavit which the parties can file in court.
- The party seeking the valuer’s advice must pay for their services. Alternatively, they can come to an agreement with the other party so that they can split the costs equally.
- The court does not provide a method as to how a valuer should value assets. Qualified valuers should, however, be able to provide details of the factors they take into consideration when coming to a valuation.
- The Family Law Act and the Family Law Rulesset out specific requirements for the ordering of valuation reports. The parties must take this into consideration when they provide instructions to the valuer. Lawyers can typically assist in appointing independent valuers and ensuring that parties obtain valuation reports in compliance with the Act.