CORLETT & CORLETT

In the matter of *Corlett & Corlett*, heard by Judge McNab, the dispute concerned the valuation and division of business assets as part of a property settlement between the applicant wife and the respondent husband. The wife sought orders for the division of assets, including the valuation of certain businesses, while the husband's conduct in relation to these businesses was also a point of contention.

The court was required to determine whether the business assets should be sold to ascertain their value or if a valuation should be obtained through other means, particularly given that they were not readily realisable assets. Furthermore, the court had to consider whether the proposed property settlement orders were just and equitable, in light of allegations of non-disclosure by the husband.

Judge McNab reasoned that the proposed orders were just and equitable, and addressed the valuation and division of assets. The court ordered that the wife receive the remaining funds in a specified ANZ Bank account as a part property settlement. The husband was also ordered to pay a weekly sum to the wife by way of part property settlement. Crucially, the husband was prohibited from diminishing the value of, or disposing of, his interests in certain businesses without providing prior written notice to the wife, with an acknowledgment that steps taken to settle the sale of one business would not constitute a breach of this order. The parties were granted liberty to apply for further orders, including superannuation splitting, and were required to engage in mediation before seeking final orders. The matter was adjourned for mention, with costs reserved.