MCKAY & MCKAY

This matter concerned the division of property between the applicant wife and the respondent husband, heard by Judge Harland. The dispute involved the distribution of various real properties, a business, motor vehicles, and superannuation interests. The court was tasked with determining how these assets and liabilities should be allocated between the parties to achieve a final property settlement.

The court was required to determine the specific financial entitlements and obligations of each party concerning their jointly and severally held assets and debts. This included the valuation and division of multiple properties, the future of a business partnership, and the allocation of significant financial liabilities such as mortgages and other debts. Furthermore, the court needed to address the division of superannuation interests in accordance with the relevant provisions of the *Family Law Act 1975* and its associated regulations.

Judge Harland ordered a significant financial payment from the wife to the husband, totalling $411,149.26, to be made within 60 days. Contemporaneously with this payment, the parties were to transfer ownership of specific properties between them, with each party assuming responsibility for existing mortgages and indemnifying the other against future liabilities. The husband was to retain certain assets, including businesses and vehicles, and be solely liable for associated debts, while the wife was to retain other assets, including an interest in a property, and be solely liable for her retained debts. In the event the payment was not made, the property known as Property H was to be sold, with proceeds applied first to sale costs, then to discharge encumbrances, then to satisfy any outstanding payment to the husband, and finally, any balance to be divided equally. The court also ordered the dissolution of a partnership, with the wife relinquishing her interest and the husband indemnifying her against partnership liabilities. Specific orders were made regarding the transfer of motor vehicle keys and accessories, and the administration of a Facebook page and account associated with the business. Crucially, pursuant to s.90MT(1)(a) of the *Family Law Act 1975*, the husband was to receive a specified amount from the wife's superannuation interest upon the occurrence of a splittable payment, with a corresponding reduction in the wife's entitlement. The trustee of the superannuation fund was directed to give effect to these orders.