Asset Valuations in Property Law Settlements

You may have read recent media reports concerning former AFL star Nathan Buckley having to sell his vast collection of football memorabilia amassed during his playing career, including his 2003 Brownlow Medal and 2002 Norm Smith Medal.

When couples separate, it is vitally important to determine the identity and value of the pool of assets and liabilities available at the date of separation. Those assets can include a broad range of items, such as real estate (residential and investment), businesses, vehicles, superannuation, and other investments.

Often the only way to determine the true value of an asset is to obtain a valuation report.

A valuation report for Family Law purposes in Australia is usually prepared by a qualified, accredited professional with expertise in the asset type being valued.

• Real estate valuations are typically prepared by licensed real estate valuers.
• Business valuations are typically prepared by chartered accountants or certified business valuers.
• Personal property including vehicles, jewelry, artwork and memorabilia are generally valued by professionals who specialise in those particular items.
• Superannuation valuations are often complex and prepared by a superannuation fund manager, actuary or other professional with expertise in the area.

The ultimate goal of a Family Law valuation is to provide the Court with a clear, comprehensive picture of the assets that need to be divided, thus enabling it to make a fair and equitable judgment in property settlement proceedings.

Property settlements are seldom straightforward, and often require the commencement of legal proceedings.

You need the best available legal guidance to steer you through this uncertain and emotional time, and the lawyers at Berry Family Law can help you get the best outcome.