Edgar & Edgar

The case of *Edgar & Edgar* concerned a dispute between a husband and wife regarding the division of their matrimonial assets. The primary focus of the court's determination was the valuation of their jointly owned former matrimonial home located at O Street, Suburb D, and how this, along with other assets and potential liabilities, should be incorporated into the divisible pool of assets.

The court was required to determine several issues, including the valuation of the O Street property, the treatment of the wife's inheritance from her late mother's estate, whether certain payments should be "added back" to the pool, and the inclusion or exclusion of funds held within the Edgar Investment Trust No 1. Additionally, the court had to consider potential capital gains tax liabilities arising from the sale of business interests and liabilities stemming from past corporate activities.

In reaching its decision, the court considered the conflicting expert evidence regarding the valuation of the O Street property. The court found the valuation provided by Mr Q to be more persuasive and transparent than that of Mr S. Mr Q's methodology, which involved analysing comparable sales and arriving at a rate per square metre, was accepted. In contrast, Mr S's valuation was found to lack sufficient analysis and transparency, particularly his failure to adequately compare the subject property to the comparable sales. The court accepted Mr Q's evidence, valuing the O Street property at $17,400,000, and ordered that this amount be incorporated into the divisible pool of assets. The court also determined that the wife's inheritance, despite the death of the testatrix occurring post-separation, should be considered within the s 79 application, citing relevant authority.