If you are getting divorced or dissolving your civil partnership you will normally need a property valuation for divorce.
One of the biggest financial decisions you could face is what happens to the family home. In many cases, it is the major asset and so when a family breaks down, property is central to a divorce settlement. What happens to the home and where one or both partners decide to go next will depend on the couple in question.
What are the main options?
- Sell the home and both of you move out. You could use the money to put towards buying another home for each of you if you can afford to do so.
- Arrange for one of you to buy the other out.
- Keep the home and not change who owns it. One partner could continue to live in it, perhaps until your children are 18 or leave school.
- Transfer part of the value of the property from one partner to the other as part of the financial settlement. The partner who gave up a share of their ownership rights would keep a stake or ‘interest’ in the home. This means that, when it is sold, they will receive a percentage of its value. In this scenario, it is important that the person moving out knows they are still liable for the debt on the family home. This means that they may struggle to get a mortgage on another property.
Valuation for divorce – valuing and dividing your home
If you want to buy your partner’s share or sell your home and divide the proceeds of the sale, you will need to get the property valued – a valuation for divorce.
A valuation report by a Chartered Building Surveyor is recommended, as this is an independent, professionally prepared assessment of a property’s value at an agreed point in time. The report, unlike an estate agent’s estimate, is based on standards set out by RICS.
We can act for individuals or as a jointly appointed and impartial surveyor.
For more information on a valuation for divorce proceedings, please call us on 07730 760887 or email us at firstname.lastname@example.org.
For more information on our other services, please explore our range of valuations and surveys.