Divorce and Dissolution of Civil Partnership
The division of chattels on breakdown of marriage or civil partnership often brings particular problems. It is often at a time when feelings are running high; each person feels they want important items within the family home that maybe the other wants and the splitting of the contents is rather sad.
Valuation issues can arise in relation to separately acquired property, for example, property acquired by an individual partner before the marriage or through inheritance. Due to market activity, the value of some jointly owned items may have risen out of all proportion to others.
By instructing an independent valuer, the assets owned can be accurately and properly documented and a true market value given. An insurance value is not appropriate on the division of assets.
Valuations are clearly of the utmost importance in these circumstances. Increasingly, a prenuptial agreement can help with the division of a joint estate where too it will be important to include accurate valuations. Over the lifetime of the agreement, the valuations could benefit from a periodic review.
These can include Fine Art; Sculpture; Furniture; Ceramics; Glassware; Jewellery; Watches and Classic Cars. (See What we Value)
Conditional Exemption and Acceptance in lieu
We can provide the necessary valuations as part of the IHT return or review and update pre-existing valuations. We can also undertake any necessary research, setting out the reasons why an object should satisfy the required tests.
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