BERKELEY & YULE

This matter concerned the division of property between a husband and wife, heard by Judge Newbrun. The dispute centred on the equitable distribution of two properties, Property S and Property B, and the associated financial liabilities.

The court was required to determine the terms of the property settlement, including the financial adjustments to be made between the parties and the transfer of ownership of the two properties. The court also needed to address the discharge and refinancing of existing mortgages on these properties and the respective indemnities to be provided by each party concerning these liabilities.

The court ordered that the husband pay the wife a sum of $18,625. Simultaneously, the wife was to transfer her interest in Property S to the husband, who would then discharge the existing mortgage and refinance it in his sole name, indemnifying the wife. Conversely, the husband was to transfer his interest in Property B to the wife, who would similarly discharge and refinance the mortgage in her sole name, indemnifying the husband. A conditional order was made: should the husband fail to pay the initial sum within three months, the wife would pay the husband $118,278, with a reciprocal transfer of Property B to the wife and Property S to the husband, each party then responsible for refinancing and indemnifying the other. Furthermore, each party was to indemnify the other against liabilities incurred in their respective names, and each was to retain sole ownership of personal property, funds, shares, and superannuation entitlements not otherwise dealt with by the orders.