ALVAREZ & ALVAREZ

This matter came before Johns J concerning the division of property between a husband and wife. The central dispute revolved around the disposition of real property located at J Street, Suburb K, and the subsequent distribution of sale proceeds.

The court was required to determine how the real property should be dealt with, including the transfer of possession and the mechanism for its sale. Furthermore, the court needed to establish the method for calculating and distributing the net proceeds of the sale, taking into account the parties' respective asset pools and specific financial entitlements. The court also had to address the division of all other property held by the parties, including superannuation entitlements and other assets.

Johns J ordered that the husband provide vacant possession of the real property to the wife within 30 days. Pursuant to section 106A of the *Family Law Act 1975* (Cth), the court appointed an officer to execute a deed transferring the property to the wife, to be held on trust for sale. The wife was given conduct of the sale, with provisions for agreement on the selling agent, method and terms of sale, and reserve price, or determination by the Real Estate Institute of Victoria or a valuer in the absence of agreement. Upon sale, proceeds were to be applied first to sale costs, then to discharge any mortgage or encumbrances. The remaining balance was to be divided, with 55% of a calculated pool of assets minus $18,000 going to the wife, and the remainder to the husband. Other property was to be divided equally, with each party retaining exclusive entitlement to assets in their possession, bank accounts, and insurance policies, and severing any joint tenancies. Each party was to be solely liable for and indemnify the other against liabilities encumbering their respective entitlements.