CUTHBERT & CUTHBERT

This case concerned the division of property between a husband and wife, with Foster J presiding. The dispute centred on the equitable distribution of various assets, including a boat, Telstra shares, funds in a joint bank account, and the assets of two partnerships, Mr and Ms Cuthbert and B Pty Ltd and B A Pty Ltd. The court was required to make orders for the transfer and sale of these assets and to address the indemnification of liabilities arising from the partnerships.

The court determined the specific financial entitlements of each party and the mechanisms for achieving the division of their jointly held property. This involved establishing a payment obligation for the husband to the wife concerning the boat, with an alternative for the wife to purchase the husband's interest. Further orders addressed the transfer of jointly owned shares and bank account funds, the dissolution of a partnership, and the indemnification of liabilities associated with business dealings.

Foster J ordered that the husband pay a sum of $159,470 to the wife within two months. In default of this payment, the wife had the election, within three months, to either sell the jointly owned boat for the best price reasonably obtainable, with the proceeds to be applied first to the wife's entitlement and reimbursement of sale costs, and the balance to the husband, or to pay the husband $125,530 and take ownership of the boat. The husband was also ordered to ensure the boat was insured and safely moored pending its delivery and to indemnify the wife against related expenses. Additionally, the wife was to transfer jointly held Telstra shares and funds to the husband within 14 days, and both parties were to dissolve their partnership, with the husband indemnifying the wife from all partnership liabilities. The husband was also to indemnify the wife from liabilities relating to B Pty Ltd and B A Pty Ltd. Any application for costs was to be filed within 28 days.