Larssen & Larssen

This matter concerned the division of property between a husband and wife, heard by Le Poer Trench J. The dispute involved the sale of two properties, a rural property in New South Wales and a property in inner west Sydney, and the distribution of the proceeds from these sales, as well as the allocation of mortgage interest payments and other financial obligations pending the sales. The court also addressed the division of a superannuation interest and the transfer of certain vehicles.

The court was required to determine the specific terms for the sale of both the rural and Sydney properties, including the method of sale, reserve prices, and the process for agreeing on sale terms if the parties could not reach consensus. It also had to decide how the proceeds from each sale would be applied, including the discharge of mortgages, payment of sale costs, capital gains tax, and the distribution of any surplus or shortfall between the parties. Further issues included the allocation of responsibility for mortgage interest payments on the Sydney property pending its sale, the timing of certain payments between the parties, and the division of a superannuation fund.

The court's reasoning, as reflected in the orders, established a detailed framework for the property settlement. It mandated the sale of the rural property and specified the order of application of its proceeds, including a significant allocation to the wife as an advance on her property settlement entitlement and a division of any surplus. The court also outlined the process for the sale of the Sydney property, including provisions for auction and private treaty sales, and detailed the disbursement of its proceeds, with a substantial sum designated for the wife. The orders also addressed potential shortfalls in sale proceeds, the payment of capital gains tax, and the allocation of ongoing mortgage interest payments. Furthermore, the court made specific orders for the division of a superannuation interest pursuant to section 90MT(1)(b) of the *Family Law Act 1975*, and for the transfer of certain vehicles.

The court ordered the parties to take all necessary steps to complete the sales of both properties according to the specified terms. The proceeds were to be applied in a defined order, with specific sums and percentages allocated to each party. The court also made orders regarding the payment of interest on mortgages, the division of a superannuation fund, the transfer of vehicles, and the dismissal of outstanding applications, with leave granted for further applications relating to the implementation of the orders.