NORTH & NORTH

This matter concerned an application by the husband and wife for final property orders in the Federal Circuit Court of Australia, presided over by Judge Phipps. The dispute revolved around the division of assets and liabilities between the parties.

The court was required to determine the appropriate distribution of the parties' property, including a specific property, various motor vehicles, a business, and superannuation interests. The court also needed to address the allocation of tax liabilities and the terms under which the husband could retain a particular property.

The court ordered that the husband pay the wife $122,000 by 28 April 2015, upon which he would receive sole title to a property. If the full payment was not made by that date, the property was to be sold, with proceeds applied first to sale costs, then to discharge any mortgage and encumbrances, followed by the outstanding payment plus interest at 8.5% per annum to the wife, and any balance to the husband. The husband was granted sole possession of the property pending sale, and remained liable for any shortfall in sale proceeds plus interest. The husband was to retain several vehicles and sole ownership of a business, while remaining responsible for and indemnifying the wife against any tax liabilities of the business and his own tax liability. Each party was to retain their superannuation and other property not otherwise specified, excluding each other from any claims in relation to these assets.