Separation Settlement Property Valuations
Whether it’s a divorce or de facto split, going through a separation is a difficult and emotional time. Although there are many things to be dealt with, one of the major concerns during a separation is how the assets will be divided fairly. A property is a key consideration in this, as it is likely the largest asset involved.
Perth Property Valuers can assist you with a smooth division of assets by providing certified and sworn separation settlement property valuations.
How can a property valuation report help during a separation?
As your property is a significant asset, it is important to employ the right team of experts to assist with the settlement process. Our property valuers are qualified with the Australian Property Institute (API) and have expertise gained through years of experience in the Perth property market.
By choosing an independent, certified valuer to provide you with a property valuation report, you are ensured an accurate fair market value that is free from agenda. Knowing the value of the property is an important step in the settlement process and can allow you to proceed with negotiations in a well-informed manner.
A property valuation can be used if you are undergoing negotiations through mediation, or via the Family Law Court. Both of these situations have different requirements and use a short form and long form valuation report respectively. If you are unsure of which one you need, we are happy to navigate you through this process.
What is the difference between a long form and short form property valuation report?
The two approaches taken to a property valuation report for separation settlement purposes each provide the accurate value of the property; however, they are two different reports. Which report you need depends on whether the settlement is being reached through mediation with a solicitor, or through Family Law Court proceedings.
Here are the difference between each report:
- Long form valuation report – this report is used when a settlement is being reached through the Family Law Courts. This can be for separation purposes, but also deceased estate and other related party disputes. A long form valuation report includes information on the property condition, features and value. As well as this, it will include a breakdown of risk factors involved in the property and sales evidence. A long form report exclusively contains more in-depth information to support the case, and a summary of the valuers’ credentials and valuation experience. This report complies with all legal standards, and the property valuer is qualified to stand as a single expert witness in settlement cases where this is required.
- Short form valuation report – this is used in cases of mediation, where the legislative and legal requirements of the long form report are not necessary. It is not as extensive as a long form valuation, as much of the information for legal purposes is not needed. However, a short form property valuation report is still a legal document. A mediation valuation report includes all the same information as a report for Family Law Court but is more compressed. This is reflected in the price difference as well, as a long form report is purpose specific and adheres to specialised guidelines.
At Perth Property Valuers, we understand that requiring a separation settlement valuation is a difficult and emotional time. All our services are provided with a focus on integrity, honesty, and client care. If you have any questions about mediation valuations, please contact our team on (08) 9468 3202, we are always happy to help!