ACT Property Valuation requested months after agreed value on Financial Disclosure Balance Sheet

[maintaining_compassion]

My previous partner has requested an independent valuation of my home (that she resided in and contributed costs towards via shared financial accounts) for the purpose of financial settlement. However, my concern is this request came approx six months after separation and after she and I had both agreed to a value in the Financial Disclosure Balance Sheet.
It is my understanding (I could be completely wrong) that the Balance Sheet is binding if both parties have agreed on the value, unless one party can demonstrate the other party misled them.
Is anyone able to confirm this? And do you have any references? Thanks!

 

[Atticus]

t is my understanding (I could be completely wrong) that the Balance Sheet is binding if both parties have agreed on the value, unless one party can demonstrate the other party misled them.

Not unreasonable to request a re valuation. Particularly if one party is of the belief that the market has changed enough to alter a previous valuation. I suppose you could agree to it on the proviso s/he cover the cost

 

[Tim W]

I suggest also, that any valuation be done by a licensed valuer.
That's not the same thing as just getting in another agent,
for their no-promises guesstimate

 

[maintaining_compassion]

Does anyone know of any case law that sets precedent regarding the period of time after separation for a valuation?

 

[sammy01]

This is not worth the fight. Your 'balance sheet' that you agreed upon isn't binding. Not unless it has been approved by a court.

You could spend more time fighting this through courts than the cost of the outcome. The market can't have changed all that much. If she wants it done tell her it is at her expense or she can apply to court.

 

[sammy01]

This is not worth the fight. Your 'balance sheet' that you agreed upon isn't binding. Not unless it has been approved by a court.

You could spend more time fighting this through courts than the cost of the outcome. The market can't have changed all that much. If she wants it done tell her it is at her expense or she can apply to court.

 

[Atticus]

Does anyone know of any case law that sets precedent regarding the period of time after separation for a valuation?

You won't find such a thing as it's just a well established principal in property settlements that valuations are done as near as possible to 'the time of settlement', & that quite often, where there is a disagreement about valuations, that more than one professional valuation is submitted...

A tip..... Don't go searching too much for case law precedents.... You will be fighting lawyers on their preferred battle ground & are going to waste a great deal of time & probably money fighting over principals that in the end, probably won't matter squat to the outcome...

Just make sure you have your forms/paperwork filled out properly, you have professional valuations on all assets in the pool, you can present any facts that you are relying on quickly & easily in court if required, you are aware of & can quote those parts of the legislation that you will be relying upon, & that your expectations & the figure you are chasing is above all, realistic

 

[maintaining_compassion]

Your 'balance sheet' that you agreed upon isn't binding. Not unless it has been approved by a court.

Thanks Sammy01. Do you know of any references to this being the case?
My understanding of the Balance Sheet was that it was a legal document and if we had both agreed to the value, then that was agreed amount.

 

[Atticus]

My understanding of the Balance Sheet was that it was a legal document

The balance sheet just forms part of the financial circumstances 'picture' that helps the court registrar... It is not legally binding , & in fact it probably can't even be relied on in court as evidence of anything because it forms part of negotiations .... Only a court order or BFA is legally binding

 

[JazKaz]

At the time you both agreed that the balance sheet displayed the correct value of the property, but there is a difference between book value and market value.

Market value is the amount that the property can actually be sold for in the market, whereas, the book value is on the balance sheet as the written, assessed value.

In agreeing with @Atticus, courts aren’t likely to find it binding as the market value is subject to change.

The Financial balance sheet is a statement of assets and liabilities, it is not a contract so it is not legally binding in that sense