Gull and Gull

In the matter of *Gull and Gull*, Mushin J considered the division of net assets between the parties. The dispute concerned the valuation and distribution of various assets, including real estate in Australia and India, motor vehicles, superannuation entitlements, jewellery, and funds held in Indian bank accounts. The court was required to determine the total net asset pool and the appropriate percentage split of these assets between the husband and wife.

The court's reasoning focused on calculating the net asset pool, which was fixed at $756,013. This sum comprised the former matrimonial home, the B property (valued negatively), the husband's interest in an Indian property, a motor vehicle, superannuation entitlements for both parties, gold jewellery, notional property in the form of rental payments and withdrawn funds related to the B property, and significant investment monies held in various Indian bank accounts. The court then ordered a division of these net assets, allocating 65% to the wife and 35% to the husband.

The orders stipulated that the wife would receive a total of $491,408 and the husband $264,605. Specific provisions were made for the repatriation of investment monies from India to Australia, with all outgoings for this process to be paid from those monies. Upon arrival in Australia, these funds were to be held on trust by the husband's solicitor. The orders also detailed the transfer of property interests, with the wife receiving the former matrimonial home and the husband receiving the B property, subject to reciprocal indemnities regarding mortgage liabilities and the removal of any caveats. All other personal property was to vest in the party in possession.