Challen & Challen

This matter concerned property settlement orders made by consent between the husband and wife, pursuant to section 79 of the *Family Law Act 1974* (Cth). The orders detailed the division of various assets and liabilities, including real property, personal belongings, company interests, and superannuation entitlements.

The court was required to formalise the agreed property settlement between the parties. The orders addressed the transfer of a property at D Street from the husband to the wife, the division of furniture, and the management of an ING Savings Bond for the child's future education. Further orders stipulated a lump sum payment from the husband to the wife, the transfer of interests in S Pty Ltd and Challen Nominees Pty Ltd, and the allocation of responsibility for capital gains tax on a specific unit sale. The parties also agreed to abandon certain claims to vehicles, shares, and superannuation entitlements.

The court's reasoning was based on the consent of the parties to the proposed property settlement. The orders reflect a comprehensive agreement to divide the marital assets and liabilities, with specific provisions for indemnities to protect each party from future claims and liabilities arising from the transferred assets or businesses. The orders aimed to achieve a final resolution of the parties' financial relationship.

By consent, the court ordered the transfer of the D Street property to the wife, with the husband to discharge the mortgage and the wife to indemnify him for future outgoings. The wife retained most furniture, save for an antique desk to be collected by the husband. The ING Savings Bond proceeds were to be applied towards the child's education. The husband was to pay the wife $100,000 contemporaneously with the property transfer and mortgage release. The parties were to take steps to transfer interests in S Pty Ltd and Challen Nominees Pty Ltd to the husband, with the husband indemnifying the wife for liabilities. The husband was to be solely responsible for Capital Gains Tax on the R Unit sale. Each party was to retain property in their name and be responsible for their respective liabilities, save as otherwise provided. All extant applications were dismissed.