Noakes and Fadden

The matter before Judge Wilson concerned the division of property and liabilities between a husband and wife. The dispute centred on how to distribute the net proceeds of sale held on trust and to allocate responsibility for various financial liabilities.

The court was required to determine the appropriate distribution of the net proceeds of sale held by Bardo & Erci Lawyers between the husband and wife. Furthermore, the court needed to ascertain which party would be solely liable for specific debts, and which liabilities would be shared equally between them. The court also had to address the disposition of all other extant property and liabilities not specifically mentioned in the orders.

Judge Wilson ordered that two-thirds of the net proceeds of sale, along with accrued interest, be paid to the wife, and the remaining one-third to the husband. The court also stipulated that the wife would be solely liable for a list of specified debts, including an overdraft, credit card debts, professional fees, business-related finance, and amounts owing to ASIC. The husband was made solely liable for a specific bank loan. Certain other liabilities were to be shared equally between the parties. The orders further provided that each party would be solely entitled to property in their possession, with bank accounts becoming the property of the account holder, and each party indemnifying the other against liabilities in their sole name. Joint tenancies were expressly severed. All outstanding property applications were dismissed.