Valuations
Family Law, Divorce Lawyer, Property Settlement, Child Custody, Defacto Law
Where parties are unable to agree on the value of an asset, such as a property or a business, rather than each party incurring the cost of obtaining their own valuation, the current Court rules provide for the parties to jointly appoint a single expert to carry out the valuation. The parties must agree on the valuer to be retained, and their solicitors send a joint letter of instruction, signed by both Lawyers, to the valuer. All costs of the valuation are shared equally by the parties. Any correspondence sent by the valuer is sent to both parties, and any information provided by one party to the valuer, is copied to the other party.
Because the expert has been jointly retained by the parties, both parties are usually bound by the expert’s report.
The valuation of property can be a very contentious and important issue in family law matters. Please contact us should you wish to obtain further information or assistance in relation to issues involving the valuation of assets in your family law matter.
Contact
Sydney (CBD)
02 9269 0600
St. Leonards (North Shore)
02 9437 0010
Dee Why (Northern Beaches)
02 9984 7411
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