Farlow and Farlow

FAMILY COURT OF AUSTRALIA

FARLOW & FARLOW [2007] FamCA 863

FAMILY LAW - PROPERTY SETTLEMENT – s 75(2) FACTORS – Future earnings – Whether an adjustment should be made in favour of the wife due to the disparity in the parties’ future earnings - husband to keep family business - wife unemployed with limited employment prospects – s 79(4) – Whether justice and equity for the husband negates the need for an adjustment in favour of the wife – husband required to keep monies invested in the family business in order to maintain his income, whereas wife has unencumbered assets and financial resources which she may utilise to narrow or diminish the gap between the parties’ incomes.

Family Law Act 1975 (Cth), s 79 and s 75(2)

Cunningham v Cunningham (2005) FLC 93-212
McF v McF [2004] FamCA 1309

APPLICANT: Mr Farlow

RESPONDENT: Ms Farlow

FILE NUMBER: MLF 1396 of 2005

DATE DELIVERED: 23 August 2007

PLACE DELIVERED: Melbourne

JUDGMENT OF: Mushin J

HEARING DATE: 26 March 2007

REPRESENTATION

COUNSEL FOR THE APPLICANT: Ms Shiff

SOLICITOR FOR THE APPLICANT: Robert M. Phelan & Co

COUNSEL FOR THE RESPONDENT: Ms Smallwood

SOLICITOR FOR THE RESPONDENT: Middletons Lawyers

Orders

It is ordered that

1. The husband and the wife forthwith do all things and sign all documents necessary to give effect to these orders.

1. The wife retain or receive by way of transfer from the husband at her expense the following assets:

   (a)The property known as and situated at … (“G property”), free of the mortgage to National Australia Mortgage;

   (b)The property known as and situated at … (“W property”);

   (c)The property known as and situated at … (“A property”);

   (d)       The Mazda Eunos motor vehicle;

   (e)       The wife’s personal Commonwealth Bank Account;

   (f)       The AMP Ltd shares in the name of the husband;

   (g)       The Colonial Lifewise Investment; and

   (h)       All superannuation in the name of the wife including:

   (i)Colonial Select superannuation plan …,

   (ii)Colonial Select superannuation plan …,

   (iii)CBUS superannuation plan … .

2. The wife indemnify the husband and keep him indemnified against all liability past, present and future in respect of all outgoings including principal and interest on any mortgage and any other loan in respect of any other item of property referred to in paragraph 2 hereof, excluding paragraph 2(a).

3. The wife retain or receive for her absolute benefit all furniture and other chattels presently in G property or otherwise in her posession.

4. The wife retain or receive by way of transfer from the husband the following liabilities:

   (a)The Commonwealth Bank of Australia loan secured over the W property;

   (b)       The remainder of the loan obtained from Ms C by the wife;

   (c)       The loan obtained from Mr C by the wife;

   (d)       The credit card debts in the name of the wife including:

   (i)Coles Myer Credit Card,

   (ii)Coles Myer Source Credit Card,

   (iii)Harvey Norman – GE Credit Finance Credit Card (1)

   (iv)Harvey Norman – GE Credit Finance Credit Card (2)

   (v)Commonwealth Visa Credit Card

   (vi)Citibank Card.

5. The husband…