Matrimonial valuations conducted by qualified surveyors and valuers play a crucial role in divorce proceedings, objectively assessing the value of marital assets. These valuations are essential for determining the fair property division between the parties involved. Here is an overview of the process involved in matrimonial valuations:
Appointment:
In most cases, both parties or their solicitors jointly appoint a qualified surveyor or valuer with expertise in matrimonial valuations. Engaging an independent professional who is impartial and experienced in this area is important.
Valuation:
The surveyor/valuer will prepare a comprehensive valuation report based on the property inspection and market analysis. This report provides an unbiased assessment of the property's value. It includes details of the methodology used, relevant market data, and any assumptions made during the process.
Inspection:
The surveyor/valuer will visit the matrimonial property to conduct a thorough inspection. During the inspection, they will assess various factors such as the property's size, condition, location, amenities, and any other relevant aspects that can impact its value.
Compliance:
Matrimonial valuations must comply with specific court requirements. This involves adhering to Court Procedure Rules, including Rule 35 in the CPR (Civil Procedure Rules) in the case of England and Wales. The valuation report is prepared to meet these requirements and may be submitted as evidence in court proceedings.
Research:
The surveyor/valuer will perform extensive research on the local property market, analysing comparable sales data and considering current market conditions. This helps them determine the fair market value of the property.
Court:
Once the valuation report is complete, it is typically submitted to the Court as evidence. The Court considers the valuation report and other relevant factors to make informed decisions regarding the division of matrimonial assets.
It is worth noting that the precise process can vary depending on each case’s jurisdiction and individual circumstances.