Unfortunately this is not an uncommon position taken by parties regarding asset values when embroiled in Family Law property settlement conflicts after separation or divorce. In these matters, the Family Law Court takes the approach that the matrimonial asset pool needs to be clearly quantified before other relevant family law considerations are applied.

This can often become a challenging task in family law matters which parties cannot agree involving unique or large asset pools, businesses, companies, trusts or other entities such as self managed superannuation funds. This is because sometimes parties in family law disputes are not aware of the value of certain assets and cannot make an accurate assessment, or a significant dispute as to the value arises between parties resulting in comments like that above.

Part 7.1 of The Federal Circuit and Family Court Rules provide an effective and transparent mechanism to assist parties to resolve these disputes on asset values by setting out guidelines on how a jointly appointed, independent, single expert witness can be engaged by the parties. In this context, this could mean a registered valuer who is jointly appointed by the parties involved in the family law dispute to undertake an independent, expert family law valuation report on certain assets in dispute.

Quantifying the asset pool in family law cases can be challenging, but the roadmap is there to help parties to narrow any issues in this regard.

We are experienced family law lawyers based in Maryborough, Queensland. We assist clients act for parties in cases in Maryborough, Hervey Bay, Gladstone, Bundaberg, Childers, Gayndah, Gympie, the Sunshine Coast, Brisbane and beyond. If you or someone you know are looking for an experienced and compassionate family law lawyer to assist no matter how difficult or complex the problem or case, please call our Maryborough lawyers office on (07) 4191 6470.