Mokare and Mokare

Watts J made orders pursuant to s 79 of the *Family Law Act* concerning the property settlement between the husband and wife. The dispute involved the division of assets and liabilities, including a business known as the M Business, a company called T Holdings Pty Ltd, a property associated with the business, a home unit, and various debts and vehicles.

The court was required to determine the terms of the property settlement, including the financial contributions and liabilities of each party. Specifically, the orders addressed the transfer of interests in the business and associated property, the discharge of specific business and personal debts, and the distribution of net proceeds from any sale of the business property. The court also made provision for the event of default by the husband in making a specified payment to the wife, outlining a detailed process for the sale of the business and property.

The court ordered the husband to pay the wife a sum of $744,893.00 within three months as property settlement. Simultaneously, the wife was to transfer her interest in the M Business property and her shareholding in T Holdings Pty Ltd to the husband, and resign as a director. The husband was to discharge specified business liabilities. Further orders stipulated the simultaneous transfer of the wife's interest in a home unit to the husband, with the husband to discharge the mortgage on that unit. The wife was also to facilitate the transfer of a Pajero and a coach to the husband. In the event of the husband's default, a comprehensive process for the sale of the business and property was established, with net proceeds to be distributed according to a specified formula, including a percentage to the wife and the balance to the husband, after the discharge of all liabilities. Each party was otherwise entitled to their separately owned property and released from mutual debts, with the Registrar appointed to execute documents if a party refused to do so.