In Family Law matters in Australia the use of single experts for asset valuations is an important practice.
The single experts called upon are often certified professionals such as valuers or forensic accountants that have been appointed by the court to provide impartial and expert assessments of assets and property involved in divorce or separation cases.
The roles of these experts include :
Objective valuation : Offer an unbiased and objective assessment of assets ensuring that their true market value is determined accurately and definitively. This impartiality assists in achieving fair and equitable property settlements
Complex asset evaluation : They specialise in evaluating complex or high- value assets like real-estate, businesses, investments and personal property which may require specialized knowledge and skills.
Court Admissible Evidence: Single experts valuations are often presented as expert testimony in court, carrying significant weight in legal proceedings to support property division decisions.
Assists with Negotiation : A report from the single expert in relation to property valuation may assist one party to buy out another party. This will act as a cost saving measure as the parties will be able establish an out of court agreement on matters relating to property or properties in question.
Cost Effective : Appointing a single expert can be a cost-effective alternative to each party hiring their own valuers, which in turn will reduce the overall expense and time associated with litigation
Transparency : Their assessments promote financial transparency, reducing disputes over asset values and contributing to the fair resolution of family law cases.
Efficiency: Single experts streamline the process by providing a single authoritative valuation which can assist in expediting property settlements.
The use of single experts such as valuers and forensic accountants in family law matters relating to property ensures impartial, accurate and efficient assessments of assets. These experts play a pivotal role in achieving fair and transparent property settlements whilst minimising the complexity and costs associated with litigation.
Why enlist the skills of an expert valuer in your Family Law Matter?
- Removes any bias from proceedings and provides surety
- Minimisation of costs for parties involved as the parties are able to share the costs involved for a valuer.
- To ensure that assets are divided fairly between the parties involved and therefore may assist in dispute resolution.
- Ensures independent, detailed, accurate and legally binding value of all assets in dispute which if required can be evidenced in court
Yashodi Alvarez, Law Student