Going through a separation and you would like to keep the former family home?
Your first step should be to settle on the value of the property. There are 3 ways to go about valuing your home:
- Agreed Value: You and your ex-partner can agree together on a value for the home. Although, this may not reflect an accurate value of the home which could result in you having to pay your ex-partner a higher amount than what you would be obliged to if your home was valued lower; or
- Market Appraisal: You can arrange for a real estate agent to conduct a market appraisal on the home, which is often free. Please note however that a market appraisal is simply the agent’s “opinion” on the value of the home, is not an accurate value of the property and in most circumstances, is often overinflated to “get the best price for the property”. This might result in you having to pay your ex-partner a higher amount if the appraisal value is higher; or
- Formal Valuation: You can arrange for a formal valuation for the property. This should be a joint formal valuation with the costs shared equally by you and your ex-partner. It is recommend that a joint letter of instruction is signed by the parties or their lawyers requesting the agreed valuer to undertake a joint formal family law valuation. The reason parties should obtain a joint formal valuation is that the valuer is independent of both parties and there leaves little room to argue over the value contained in that report.
It is recommended that you seek legal advice to discuss your family law matter and organising a joint formal valuation of your property.
Feel free to contact our friendly and experienced family law team on 1300 285 888 or familylaw@mcna.com.au to organise a free 30 minute initial property consultation. We also have information brochures available to download from our website at for your convenience.
