Property Settlement – Valuations

• Valuations should be obtained in property settlement matters when an item of property is not agreed.
• Valuations are commonly obtained for properties, chattels, businesses and interests in entities (e.g. companies and Trusts).
• The valuer needs to be a qualified valuer with expertise on the subject matter.
• Experts are usually appointed jointly by the parties as a “single expert witness”.

Valuation and payment

Valuations are usually obtained by the parties jointly using a single expert valuer.

To obtain a joint valuation the following process is required:

• identify the item/s of property to be valued;
• agree upon an expert registered valuer;
• prepare a joint letter of instructions to the valuer and provide the valuer with the necessary information/documentation required to enable them to carry out the valuation;
• attend to access arrangements for valuer if inspection of property or business premises is required;
• pay your share of the valuation fees;
• the valuer usually releases the report to both parties simultaneously.

Valuation disagreement

There are a number of approaches available if you do not agree with a valuation. These include:

• asking the valuer questions (note there are strict timeframes for this process if the matter is in Court);
• obtain the opinion of your own separate valuer (this is called an adversarial expert if the matter is before the Court);
• holding a conference between your expert and the joint expert to try to resolve the issue/s in dispute;
• If your case proceeds to a trial, the single expert is likely to be cross-examined on his or her valuation report.