The matrimonial home is often the most valuable asset in the marriage. When parties separate or divorce, it is very important to be able to identify how much the property is worth.
A local firm of Estate Agents might be able to give an indication of what the property may sell for in the current market. However, care needs to be taken because the value indicated could be slightly inflated simply to obtain your business in selling the home.
In many divorce cases, a professional valuer is instructed to prepare a valuation report for the matrimonial home and on a joint basis which means that both the husband and the wife instruct the valuer. The role of this expert is to value property and not to sell it. A fee is often charged by the valuer and estimates can be obtained in advance.
Of course, it is capable for a husband and wife to agree the value of their home or if the difference between them is very small, to split the difference. For some married couples, however, a professional valuation is required also for peace of mind. Ultimately where agreement can still not be reached or the husband and the wife will not agree to a joint instruction by a valuer the Court can appoint an expert to resolve this valuation issue once and for all.
The valuation is obviously important because then there is a firm base from which the negotiations can start and to take into account any other relevant financial issues on divorce or separation.