If you can’t decide what to do with your home or who deserves what, you’ll need a matrimonial valuation. Also known as a divorce settlement valuation. This will need to be from an independent RICS registered valuer.
INTRODUCTION
If divorcees can’t decide how to divide their assets, unbiased matrimonial valuation is required. You will need an RICS registered valuer to conduct a valuation for a judge to determine how to distribute your assets per the law. Regarding your property, a divorce settlement briefly details:
– Locality
– Construction
– Accommodation type
– Tenure details
– Property market value
In the majority of cases, the divorcees will together hire an RICS-registered valuer. They will get an accurate valuation, can work for one party, and remain impartial.
Depending on your joint assets, you may need another professional valuation. For example, you may have an expensive painting whose value could have increased, and you may need a professional antique valuer.
BENEFITS
Divorce rates have seen a four-fold increase in the past forty years. That’s a rise from 2% to 8%. We appreciate that going through a divorce can be an emotional and traumatic experience. Generally, your assets have to be divided fairly and equally. In particular, the marital home can become a bone of contention.
All assets must be divided equally and fairly, including the matrimonial home or shared property and investment or commercial property. Surveyors usually carry out matrimonial valuations for solicitors handling the divorce or county/high courts if there is a dispute – and they can also stand as expert witnesses.
Surveyors are generally jointly appointed by the solicitors of each party. Their job is to present an independent valuation for and to the court. They can also carry out valuations for single parties to use in negotiations.
Valuations may be disputed. For example, one party may see no reason for another valuation if they already have one to hand. Or you may be the party insisting on another because you suspect your spouse has given a particular asset an unfair or unrealistic value.
All matrimonial property valuations must comply with rule 35 of the Court Procedure Rules (1998). By offering a tailored service at Winfields Surveyors, we get to know our clients closely and, in some cases, may have worked with them before in happier circumstances when they have been buying and selling homes. We know them and their property and can lend a sympathetic, knowledgeable ear to both parties.
If you require an independent property valuation for divorce or matrimonial proceedings, our RICS Registered Valuers can provide an impartial, professionally prepared report to support you, your legal advisers and the court. Contact Winfields Surveyors to discuss your requirements.
