Property/Insurance and Family Law Valuations
Property/Insurance and Family Law Valuations
Divorce separation and family breakdowns can be difficult when parting with property and personal assets. Independent advice can assist in ensuring the situation is made simplified.
It is essential that all assets and interests under the family and/or business umbrella are fully assessed to ensure all parties leave the combined unit with their correct amount of entitlement.
Appraisal Review Management is a specific qualification (one that is held by GANTPMV), that is required when Family Separation matters enter the Family Court. The ARM accreditation allows the valuer to become and Expert Witness in times of Mediation and/or Litigation.
Property and Family Law Valuations and advice can significantly enhance the progression of matters moving forward. Valuers working with solicitors can greatly improve the standing and knowledge of the client while still being independent. Situations may arise such as individual input to any asset or business needs to be properly ascertained.
Family Law matters can get emotional, so independent advice is important before entering into any mediation or litigation. The outcome of any decision can only be proper with the correct assessment of asset and advice.
Family Law valuations also include the Family Succession for the transfer of family assets to future sibling generations.
Real property, personal vehicles and other tangible assets, internal furnishings, family businesses including and plant and machinery, family and personal super funds and trusts make up Property and Family Law Valuations.
If necessary, the valuation date for these types of reports may need to be backdated to when a previous event occurred. Such valuations are called Retrospective Valuation Reports.
Real Property – relates to: vacant land, dwellings, units, commercial and industrial property). Essentially any tangible asset that is fixed to the ground.
Internal Furnishings – include general furnishings that make up a home need to be assessed and portioned to the relevant parties. Whether items are simply handed over or monetary compensation may be preferred, is determined by the individuals.
Family Businesses – this could be a tricky one. Cash flow, furnishings, plant, machinery and equipment and goodwill all have to be assessed. Along with analysis of Profit and Loss Statements and Balance Sheets. More often than not external costs are claimed through the business and salary sacrifices have been made to keep the business moving forward.
Family and Personal Super Funds and Trusts – this can be a drawn-out process. When dealing with Super Funds or Trusts, they generally have a mixture of assets and some are tied to the family business. It is however, important to know that you cannot simply draw out cash from a Super Fund. The monies must be transferred to a separate Super Fund.
Insurance Assessments – ensuring you have enough insurance to replace lost property and items, taking into account incidentals that may accrue with the process of replacement underway is vital to ensure that you are not left out of pocket.
LINCOLN GANTER AAPI ASA {MTS} CPV
Owner and Director
GANTPMV Pty Ltd – www.gantpmv.com.au
Property, Plant, Machinery, Equipment and Livestock
