House Valuations For Divorce Purposes

What happens to property assets in divorce proceedings:

What happens to an existing home and where one or both partners go next will depend on the divorcing couple. In many cases the family home is the main family asset, this means what happens with the property will be central to a divorce settlement. Generally speaking there is no formula in this country setting out how assets are to be split on divorce. One spouse could buy the other out and keep the house or the property could be sold and the proceeds divided.

Valuing the property

Valuing the propertyAll assets will need to be identified and valued as part of the process of working out what there is to divide up. The home and any other properties will be included in this - regardless of whose name the property is in. Valuing your home when getting a divorce can often be a stressful process and far from straightforward. Usually the lawyers will want two or three independent valuations from local estate agents who know the area and the market. Where a transfer of equity is on the cards (one side buying the other out of the property) and a lump sum is to be paid, I know of agents that just can't seem to help adding a few thousand pounds to the valuation because the husband or wife in question has been a bit flirtatious! Conversely, if the end plan is to put the property on the market, the couple may prefer just to sell the property quickly so they can move on with their lives, in which case the agent may suggest a low asking price - this is different to an official valuation for divorce purposes, which should reflect what the property is worth in the current market, rather than a suggested asking price. Whatever option is chosen, the property will need to be valued for the settlement. If a couple can't agree upon a value, the court will order a joint report from a local estate agent or surveyor. Valuations can be updated if there is a significant fall or rise in the market, but changes in prices can be factored in from the start.

Moving on

There can be problems with the sale of the family home when perhaps one party is more reluctant than the other to sell, or one party wants to sell for a premium - and sometimes unrealistic - price. We have had cases where an offer has been accepted on a property, but one of the sellers won't sign the papers. This holds up the whole process and sales can fall through if the buyer is unwilling to wait.



Advice

If you're currently going through divorce proceedings and own a property, your solicitor should be able to advise you on the best course of action.

If you would like a property valuation please call our office on 01924 609 811 and one of our members of staff will be able to help.

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Published on 28 April 2016

Source Trinity Sales Wakefield

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