In the Marriage of Paskandy

In the Marriage of Paskandy concerned an appeal from a final order of the Family Court of Australia concerning property settlement. The primary dispute between the parties related to the valuation and division of certain assets, including a business and a property.

The Full Court of the Family Court was required to determine whether the primary judge erred in their assessment of the value of the business, and consequently, whether the property settlement orders made were just and equitable. Specifically, the court considered the methodology used to value the business and whether it adequately reflected its true worth.

The Full Court found that the primary judge had made an error in the valuation of the business, as it had failed to properly account for certain liabilities. This error led to an inequitable distribution of the matrimonial assets. The court applied principles of property settlement under the *Family Law Act 1975* (Cth), emphasising the importance of accurate asset valuation in achieving a just and equitable outcome.

The Full Court allowed the appeal, set aside the original property settlement orders, and remitted the matter back to the Family Court for redetermination of the property settlement, with directions for a fresh valuation of the business.