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The Value of a Valuation

In any property settlement, it is important to obtain an up to date valuation of any item of property of significant value.

In a recent matter, Berrigan Doube Lawyers acted for client who had separated after 2 years of marriage. The sole asset of the marriage was the family home which was mortgaged to 90% of its value.

The other party discouraged the need for a valuation of the property as the property had been purchased less than two years ago and the downturn in the property market meant that there was no equity in the property. The other party went further suggesting that it was likely that there would be a shortfall on the mortgage if the property was sold and offered to allow our client to ‘walk away’ and avoid any liability of the claimed shortfall.

Despite the other party’s assurances, we insisted that a valuation be obtained on the property. The valuation revealed equity of $50,000.00 in the property, which our client was pleased to hear.

If you have any family law questions, please do not hesitate to contact us for more information.