Ball & Ball

The Honourable Justice Cronin considered a property settlement dispute between a husband and wife concerning a pool of approximately $9 million. The primary issues in contention related to the parties' respective contributions and the application of section 75(2) factors of the *Family Law Act 1975*.

The court was required to determine whether the husband should receive an adjustment for losses incurred due to a dramatic drop in the share market in 2008, particularly in light of the wife's refusal to lift an injunction that prevented the sale of shares prior to the market decline. Additionally, the court had to consider the wife's claim for an adjustment based on health reasons, which were found not to affect her earning capacity, and the lack of formal evidence establishing a distinction in the earning capacities of the parties. The court also addressed the husband's application for sole responsibility in selling the marital home, which arose from the wife's change of decision after initially agreeing to its sale. Finally, the division of shares, held in various tranches with different cost bases for tax purposes, was a matter for the court's determination.

Justice Cronin refused the husband's claim for an adjustment related to the share market losses, noting the absence of specific evidence of loss as the shares were not sold. The wife's claim for an adjustment based on health reasons was also refused, as it was not found to impact her earning capacity and there was no formal evidence to distinguish the earning capacities of the parties. The husband's application for sole responsibility for the sale of the home was also refused. The court ordered the sale of the real property, with the proceeds to be divided equally after sale costs. The husband was granted exclusive occupation of the property pending its sale, subject to certain conditions. The court also ordered an equal division of the husband's N Bank shares, with specific provisions for the handling of any extra share in a tranche and for the calculation and division of dividends received after a certain date. Further orders addressed the division of specific chattels, the division of a superannuation scheme interest, and the provision of tax returns and related assessments, with adjustments to be made based on those assessments.