Calovich & Calovich

In the matter of *Calovich & Calovich*, Beckhouse J of the Family Court of Australia was required to determine property settlement orders between Mr Calovich (the Husband) and Ms Calovich (the Wife). The dispute concerned the division of assets and liabilities accumulated during the parties' marriage, which commenced in 1995 and ended with separation in April 2017.

The court was tasked with determining the composition of the asset pool available for distribution and how these assets should be divided between the parties. This involved assessing the contributions made by each party, including initial contributions to property, financial contributions from third parties, redundancy payouts, superannuation entitlements, and proceeds from motor vehicle accident settlements. The court also needed to consider the impact of the Wife's medical condition and subsequent inability to return to work on the financial circumstances of the marriage.

Beckhouse J reasoned that while the Wife brought the H Street property into the marriage, with significant financial contributions from her father, Mr G, both parties pooled their incomes for day-to-day expenses and improvements to properties. The court acknowledged contributions made by both parties and Mr G to renovations and property acquisitions. The Husband's redundancy payouts and the Wife's superannuation payout and motor vehicle accident settlements were also considered, with the court finding that a substantial portion of these funds were applied to reduce the mortgage over the B Street property. The court applied principles of property division under the *Family Law Act 1975* (Cth), considering contributions, financial resources, and the future needs of each party.

The final orders provided for the Wife to pay the Husband a sum of $273,638.76 within 120 days, in exchange for which the Husband would transfer his interest in the former matrimonial home at B Street, Suburb C to the Wife. Should the Wife default on this payment, the property was to be sold, with proceeds applied first to selling and legal costs, then to the Husband's payment, and the balance to the Wife. The orders also stipulated that each party would retain their respective bank accounts, motor vehicles, personalty, and other property, with the exception of a 50% entitlement for the Wife to a splittable payment from the Husband's superannuation fund.