MCCLOUD & COLBERT

In the matter of MCCLOUD & COLBERT, Foster J of the Federal Circuit and Family Court of Australia made orders by consent between the applicant, Ms McCloud, and the respondent, Mr Colbert. The dispute concerned the division of property, specifically the transfer of a property and the division of superannuation interests.

The court was required to determine the terms of the property settlement, including the transfer of a property located at B Street, Suburb C, New South Wales, and the division of Mr Colbert's superannuation interest in the G Corp Superannuation Plan. The orders also addressed the responsibilities of each party pending the transfer of the property and the mechanism for splitting the superannuation payment.

The court's reasoning, as reflected in the consent orders, involved the transfer of the respondent's interest in the specified property to the applicant at her expense within 90 days. The orders stipulated the process for settlement, including the preparation and delivery of transfer documents, and the refinancing of the mortgage. Furthermore, the court ordered that Ms McCloud would be entitled to a splittable payment from Mr Colbert's superannuation interest, calculated in accordance with the Family Law (Superannuation) Regulations 2001, with a corresponding reduction in Mr Colbert's interest. The orders also established that pending the property transfer, Ms McCloud would have sole occupation and responsibility for mortgage payments, rates, and outgoings, and that both parties held their interests in the property on trust.

By consent, the court ordered the transfer of the property, the division of superannuation, and that each party retain all other property in their possession. Liberty to apply was granted to each party and the Trustee of the G Corp Superannuation Plan.