Cordwell & Cordwell (No. 2)

This case involved an application by Ms Cordwell (the applicant wife) against Mr Cordwell (the respondent husband) concerning the adjustment of property interests following their separation and divorce. The matter came before Foster J in the Federal Circuit and Family Court of Australia.

The primary legal issues before the court were to determine the appropriate division of the parties' significant asset pool, considering their respective contributions to the marriage and the matters outlined in section 75(2) of the *Family Law Act 1975* (Cth). Specifically, the court was required to assess whether any adjustment to an equal division of contributions was warranted due to factors such as the disparity in the parties' financial resources and earning capacities, and the wife's role as primary homemaker and caregiver.

Foster J found that, by reason of the parties' contributions throughout the marriage, it was just and equitable that their contributions be regarded as equal. However, after considering the matters under section 75(2) of the Act, including the husband's superior financial resources and earning capacity through his business interests, and the wife's limited capacity to re-enter the workforce, the court determined that a further adjustment was appropriate. This adjustment was to be 2.5 per cent in favour of the wife, resulting in an overall division of 52.5 per cent to the wife and 47.5 per cent to the husband.

The court made detailed orders for the transfer of various properties, the discharge of mortgages, and the payment of specific sums to achieve the determined property division. These orders included the transfer of the D Street and 1 V Street properties to the wife, a cash payment to the wife, and the allocation of proceeds from the sale of the B Street property. The wife was also ordered to transfer her interests in certain properties and her shareholding in J Pty Ltd to the husband, with the husband to refinance associated mortgages and indemnify the wife. The court also made orders concerning the division of superannuation entitlements and the finalisation of financial accounts for the Cordwell Superannuation Fund.