More and more of these reports are being requested. There is often a conflict of interests, as to the conclusion of the report, because of the differing markets that are used to complete such a report. One party who may have paid a retail figure to purchase an item to give as a gift. Then when considered for Divorce Proceedings it is the cash that could be realized that is considered. This is usually very much less than the retail purchase figure originally. This then can be a point of discussion. On occasions when completing such a report I have given three different market values for each item. In this way the two parties can discuss the market that they agree to consider, but both parties must understand that the agreement may have an impact on another aspect of the financial statements for consideration. Often I am asked to act as a Joint Single Witness for these occasions,
A family division/divorce valuation uses the ‘open market’ to determine the items value, as opposed to its price at retail. This is to ensure settlements are not based upon previous purchase prices or insurance values, which are disproportionate from the current going rate.
A the time of going through a Divorce situation, most clients do not feel that they wish to go into a retail environment, which is often not very private, to discuss their requirements. Independent Valuation Services Ltd is affiliated to a number of Family Solicitor Practices where the Jewellery Appraisal aspect is handled “In-House”, where the client is visited at their home, or at the Solicitor’s Practice sometimes and the situation is handled more sympathetically and is less stressful for your client.
We understand the need for a Valuer with empathy and discretion whilst dealing with the division of assets for these particular instances. We provide formal family and divorce valuations, when requested by your solicitor.