(07) 3862 1955
When separating, working out how to divide property is a big step—and getting an accurate valuation is key to a fair outcome.
But with so many options, you might be wondering:
- Why do I need a valuation?
- What kind of valuation should I get?
- Who pays for it?
- How long is a valuation valid for?
- What is a joint valuation, and when is it useful?
Whether you’re negotiating privately, going through mediation, or heading to court, understanding the role of property valuations in family law settlements is crucial. Here’s what you need to know.
Why Do I Need a Property Valuation?
A property valuation isn’t just about knowing how much a home is worth—it’s about ensuring a fair and accurate division of assets in a separation.
A valuation is useful because it:
- Ensures fairness – Property settlements are based on real values, not rough estimates.
- Reduces disputes – Online estimates or opinions from real estate agents don’t always hold up in negotiations.
- Satisfies legal requirements – If your matter goes to court, a proper valuation is typically expected.
Can’t we just agree on a value ourselves?
Yes, if both parties agree on a figure, you may not need a formal valuation. However, if there’s a dispute—or if one party suspects the property is being over or undervalued—a formal valuation by a certified professional is usually the best approach.
What Type of Valuation Should You Get?
Not all property valuations are created equally. Here’s a breakdown of the most common types:
- Bank Appraisal – A bank may provide an estimate, but this is usually for lending purposes and won’t be accepted in legal proceedings.
- Real Estate Agent Estimate – An agent can provide a market appraisal, which gives an idea of what the property might sell for, but this isn’t independent or legally reliable.
- Formal Property Valuation – This is done by a Certified Valuer and provides a legally recognised value of the property. If there’s disagreement, the court will usually prefer this over informal estimates.
Which one do I need?
- If you’re negotiating privately and both parties agree on a value, an agent’s estimate might be enough. You could also source a few and work from an average if they’re all quite close in value and this is the approach both parties agree to take.
- If you’re going through mediation, a formal valuation is often recommended to avoid disputes.
- If you’re heading to court, a certified valuation is essential.
What Is a Joint Valuation?
A joint valuation is when both parties agree to engage a single, independent valuer to assess the property’s value. This is a common approach in family law matters because:
- It saves time and costs compared to each party obtaining separate valuations.
- It reduces disputes, as both parties agree to the valuer from the outset.
- It is more likely to be accepted by the court, avoiding the need for multiple competing valuations.
When is a joint valuation useful?
- If you and your former partner are in mediation or collaborative law discussions and want a neutral value to work from.
- If your matter is in court—a jointly appointed valuer’s report can carry more weight and prevent each party from obtaining their own valuation, which may lead to conflict.
Can I get my own valuation if I don’t agree with a joint one?
Yes, but if a joint valuation has already been agreed upon, the court is more likely to rely on that unless there are strong reasons to challenge it. If you believe a joint valuation is incorrect, you may need to obtain an alternative expert opinion, but this can become costly and may not always be persuasive.
How Long Is a Property Valuation Valid For?
Property valuations don’t last forever. The real estate market fluctuates, so valuations can become outdated over time.
In family law matters, a valuation is typically considered valid for three to six months depending on market conditions. If your property settlement takes longer than this, you may need to obtain an updated valuation, especially if property prices have changed significantly.
In court proceedings, parties may be required to provide up-to-date valuations if their matter is ongoing. If a valuation is over 12 months old, the court may not consider it current, and an updated assessment may be necessary.
Who Arranges and Pays for the Valuation?
Who arranges it?
- If both parties agree on a valuer, you can jointly instruct one to provide an independent valuation.
- If there’s no agreement, each party may get their own valuation—but this can lead to disputes if the values differ.
- In court matters, the judge may order a valuation by an agreed expert.
Who pays for it?
- Shared Cost: In most cases, separating couples split the cost of a joint valuation.
- One Party Pays: If one person insists on a valuation, they may have to cover the cost themselves.
- Court-Ordered: If the court appoints a valuer, both parties typically contribute equally
How much does a valuation cost?
The cost varies based on location and property type, but expect to pay anywhere from $600 to $2,200 or more for a certified valuation.
What If We Can’t Agree on the Valuation?
Disagreements over property values are common. If this happens:
- Try to negotiate – If both parties obtain different valuations, you might settle somewhere in the middle.
- Mediation – A neutral mediator can help find a fair solution.
- Court Order – If no agreement is reached, the court may appoint its own valuer or decide which valuation to accept.
It’s always best to try to resolve valuation disputes early, as disagreements can slow down your property settlement.
Final Thoughts
Property valuations play an important role in separation settlements, helping ensure fairness and clarity in dividing assets. Whether you’re negotiating privately or preparing for court, understanding why valuations matter, which type you need, and who pays for them can make the process smoother.
If you’re unsure where to start, getting legal advice early can help you navigate the process and avoid unnecessary disputes.
If you need guidance on your property settlement? Brisbane Family Law Centre can help. Reach out to us today to talk about your next steps.
