Chow & Harris & Anor

The case of *Chow & Harris & Anor* concerned a dispute between a husband and wife regarding the division of their property and assets. The proceedings were before O'Reilly J in the Family Court of Australia. A secondary claim involved the rectification of a loan agreement between Ms M Harris and the husband, and a third party, Ms VH.

The court was required to determine the appropriate division of the parties' property and assets pursuant to section 79 of the *Family Law Act 1975* (Cth). This involved identifying and valuing various assets and liabilities, including real estate, vehicles, superannuation funds, and debts. Additionally, the court had to consider the rectification of a loan agreement to include a specific default interest rate.

O'Reilly J ordered that the loan agreement be rectified to include a default interest rate of 15.5% compounding annually. In relation to the property settlement, the court ordered a division of 35% to the wife and 65% to the husband. The orders detailed the specific assets and liabilities to be allocated to each party, including conditions precedent for certain property transfers, such as obtaining finance or releasing liabilities by a specified date. Provisions were also made for the sale of properties if these conditions were not met, with further liberty to apply for necessary machinery orders. The court also addressed the division of superannuation funds and the payment of capital gains tax.