Eastwick and Eastwick

This case concerned the division of assets between a husband and wife, heard by Judge Coates. The dispute involved a net pool of assets valued at $1,142,003.25, which included various properties in Queensland and New Zealand, bank accounts, a share portfolio, vehicles, and superannuation entitlements, as well as liabilities such as a New Zealand mortgage and tax liabilities.

The court was required to determine the appropriate percentage split of the net asset pool between the husband and wife and to make consequential orders to give effect to that division. This involved identifying which party would retain specific assets and liabilities, and how the sale of the former matrimonial home and a New Zealand property would be managed.

Judge Coates ordered that the net assets be divided as to 85% to the husband and 15% to the wife. To implement this, the husband was to retain certain assets including Property Q, his share portfolio, and his vehicles. The wife was to retain her bank accounts and her motor vehicle. The former matrimonial home was to be sold, with the net proceeds to be applied first to reimburse the husband for certain payments, then to ensure the wife received her 15% share of the total property pool after accounting for retained assets, and the balance to the husband. The husband was appointed trustee to facilitate the sale of the matrimonial home, with the wife required to vacate within 28 days. The husband was also to take sole ownership of the New Zealand property, refinancing the associated mortgage into his name and indemnifying the wife against any liability. The Registrar was appointed to execute documents if the wife failed to do so. The wife was ordered to pay the husband's costs of the proceedings.