James and James

In the matter of *James and James*, heard before Judge Phipps, the dispute concerned the division of property following the breakdown of the parties' marriage. The primary asset in contention was the balance of funds remaining from the sale of the former matrimonial home.

The court was required to determine how the net proceeds from the sale of the former matrimonial home should be disbursed between the parties. Additionally, the court needed to address the allocation of responsibility for certain joint debts, specifically a joint credit card debt, a line of credit, and a loan on the husband's vehicle. The court also had to consider the entitlement of each party to their respective superannuation and other property.

Judge Phipps ordered that the school fees for the parties' children up to the end of the 2013 school year be paid first from the sale proceeds. The remaining balance was then to be calculated by subtracting the school fees from the total fund, adding $100,000, taking 75% of that sum, and finally subtracting $50,000. This resulting amount was to be paid to the wife. The husband was to receive the ultimate balance of the fund. Furthermore, the husband was ordered to remain solely liable for, and to indemnify the wife against, payments for the joint credit card debt, the omitted line of credit, and the loan on his BMW vehicle. Each party was to retain sole entitlement to their respective superannuation and other property as at the date of the orders.