A how to guide on property valuations during divorce, which you are required to do as part of Financial Remedy proceedings, written by Wikivorce.
Introduction
When you get a divorce the martial home is considered as an asset, it will usually be the biggest asset in the divorce. You will need the have the martial home valued (sometimes also referred to as an appraisal). The valuation will need to be carried out by a surveyor or an estate agent. The reason for getting a valuation is so the court can get a accurate idea of how much the family home is worth and so the court can figure out a settlement.
Property valuations are NOT limited to just the marital home, you will also need to have these properties valued if you own them:
- Any second homes
- Holiday homes
- Family business property
- Property held in a pension fund
- Property owned by a third party IF either the you or your ex has beneficial interest in the property
To get a property valuation you will either need to go to a real estate agents or ask your solicitor to arrange one for you.
Who is required to submit a property valuation
The applicant in the case is the one who is required to prepare and submit a property valuation of the martial home.
Costs
You will have to pay for a property valuation, these costs will vary on where you go/ who you use to carry out the valuation.
How to submit your property valuation
To submit your property valuation you will need to file this with the court that is dealing with your case 14 days before the first appointment.
Recommended resources
Zoopla: What happens to our home if we break up?
Related services
Help with the Financial Settlement process
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You can book 3 hours of support for £250 using this link.
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