OKTEM & OKTEM

This matter concerned orders made by Gill J in the case of *Oktem & Oktem*. The dispute involved the division of property between a husband and wife, specifically concerning their jointly owned property located at B Street, Suburb C, New South Wales. The court was required to make orders that would facilitate the division of this asset and other property between the parties.

The primary legal issues before the court were how to achieve a just and equitable division of the parties' assets, particularly the B Street property. This involved determining the mechanism for one party to buy out the other's interest in the property, or, failing agreement, establishing a clear process for the sale of the property and the distribution of the proceeds. The court also needed to address the beneficial ownership of other assets and liabilities held by each party.

Gill J's reasoning led to a tiered approach for the division of the B Street property. Initially, the wife was given a period of 60 days to pay the husband a specified sum to acquire his interest. If she failed to do so, the husband then had a period to buy out the wife's interest. In the event that neither party exercised these buy-out options, the court ordered the property to be listed for sale by private treaty, with specific provisions for agreement on the agent and listing price, or default mechanisms if agreement could not be reached. If the property remained unsold after three months, it was to be sold by public auction, again with provisions for agreement or default regarding the auctioneer and reserve price. Further provisions were made for successive auctions if the property was not sold. The proceeds of any sale were to be applied first to sale costs and rates, then to discharge encumbrances, and finally distributed between the parties according to a formula that allocated specific percentages of the net proceeds and adjusted for certain amounts. The court also made orders regarding the beneficial ownership of other property and liabilities, with each party indemnifying the other against liabilities related to property they retained.