Headon and Bolger

This matter concerned a property settlement dispute between the Applicant Wife, Ms Headon, and the Respondent Husband, Mr Bolger, before Judge Cassidy. The core of the dispute involved the division of the parties' net assets.

The court was required to determine how the parties' net assets should be distributed and to make orders to give effect to that determination. This involved identifying the parties' respective legal and equitable interests in the property and considering whether, in all the circumstances, it was just and equitable to make a property settlement order under section 79 of the *Family Law Act 1975* (Cth). The court also had to consider the specific matters prescribed by section 79(4) of the Act.

In reaching its decision, the court applied the principles established in *Stanford & Stanford* (2012) FLC 93-518. The court emphasised that the initial step in any property settlement is to identify the existing legal and equitable interests of the parties. It further clarified that the power to make property settlement orders is not an unguided discretion but must be exercised in accordance with legal principles. The court stressed that the determination of whether an order is "just and equitable" requires a separate consideration of section 79(2) of the Act, rather than simply assuming a division of property or an interest based on the matters listed in section 79(4).

The court ordered a cash adjustment to the Applicant Wife to achieve an overall distribution of 49% to the Applicant Wife and 51% to the Respondent Husband. The orders detailed the specific assets and liabilities to be retained by each party, including various real properties, bank accounts, company interests, vehicles, and personal effects. Provisions were also made for the refinancing or sale of a particular property and for the consequences of default in the payment of the cash adjustment. The court also addressed the parties' respective beneficial interests in certain trusts.