JERMAIN & JERMAIN

This matter concerned consent orders made by Loughnan J in the Family Court of Australia between Mr Jermain and Ms Jermain. The parties, who were married in 1969 and whose marriage subsisted, sought to resolve their financial affairs. Mr Jermain, aged 81, suffered from age-related health issues, while Ms Jermain, aged 78, was in good health. Both parties were directors and shareholders of B Pty Limited, a company involved in land development and farming. The dispute arose from Ms Jermain's request for a property settlement to gain control of her financial circumstances, to which Mr Jermain agreed.

The court was required to determine the terms of a property settlement between Mr and Ms Jermain, incorporating their agreement on various financial matters. This included the division of assets, the transfer of property interests, and arrangements concerning their superannuation funds and directorships in B Pty Limited. The parties also sought to release each other from a prior contract to make mutual wills and to acknowledge their respective capacities to support themselves without means-tested pensions.

Loughnan J made orders by consent, reflecting the parties' agreement on the distribution of their property and financial resources. The court applied principles of family law, particularly concerning property settlements, and acknowledged the parties' independent legal advice and their mutual release from contractual obligations regarding wills. The orders provided for a significant financial payment from Mr Jermain to Ms Jermain, the transfer of a leasehold interest in an apartment to Ms Jermain, and specific arrangements regarding their respective superannuation interests in the D Superannuation Fund, including a 100% entitlement for Ms Jermain to splittable payments. Furthermore, Ms Jermain was to resign as a director and transfer her shares in B Pty Limited to Mr Jermain, who would indemnify her against any liabilities concerning the company. Both parties warranted the truthfulness of information provided in their application for consent orders and released each other from claims for spouse maintenance.

The final orders stipulated that Mr Jermain would pay Ms Jermain $492,868.00, transfer his interest in a Wollongong apartment lease to her, and that Ms Jermain would indemnify Mr Jermain for costs associated with that apartment, while Mr Jermain would indemnify Ms Jermain for costs related to his accommodation. Ms Jermain was to be removed as a trustee of the D Superannuation Fund and receive 100% of splittable payments from her interest in that fund, with provisions for adjustments if the payment exceeded or fell short of a specified amount. Ms Jermain was also to resign as a director of B Pty Limited and transfer her shares to Mr Jermain, who would indemnify her for company-related liabilities. The orders confirmed each party's entitlement to property in their possession, subject to the specific terms of the settlement, and no orders were made as to costs, with each party to bear their own.