Costello and Jones

The decision in *Costello and Jones* concerned a dispute between a wife and husband regarding the division of their property. The matter came before Judge Small.

The court was required to determine the terms of the property settlement between the parties, including the transfer of real property, financial payments, and the allocation of liabilities and responsibilities pending the finalisation of these arrangements.

Judge Small ordered that the previous court orders be discharged. The wife was ordered to pay the husband a sum of $104,348 within 60 days. Contemporaneously with this payment, the wife was to transfer her interest in "Property M" to the husband, who would then indemnify her against all liabilities and encumbrances on that property. Conversely, the husband was to transfer his interest in "Property P" to the wife, who would then indemnify him against all liabilities and encumbrances on that property. In the event the wife failed to make the payment by the due date, "Property P" was to be sold, with the proceeds applied first to sale costs, then to discharge encumbrances, then to satisfy the outstanding payment to the husband with interest, and any remainder to the wife. Pending the payment or sale, the wife was to have occupation of "Property P" and be responsible for its outgoings, while the husband was to have occupation of "Property M" and be responsible for its mortgage and outgoings. The orders also stipulated that each party would be solely entitled to other property in their possession, joint bank accounts would be deemed the husband's property, insurance policies would remain with the named owner, each party would indemnify the other against liabilities on property they received, and both parties relinquished claims to inheritances or superannuation entitlements of the other, with any joint tenancies severed.