OVERBAKER & OVERBAKER

In the matter of *Overbaker & Overbaker*, heard before Judge Bender, the dispute concerned the division of the parties' property interests. The Wife sought a division of assets, and the proceedings involved complex considerations regarding loans from parents, potential gifts, ongoing non-disclosure by the Husband in relation to a business, and adjustments for contributions and future needs. A key point of contention was the Husband's desire to retain a specific property where the business operated.

The court was required to determine how disputed loans from each party's parents should be characterised, specifically whether they should be treated as loans to be included in the asset pool or as gifts, and how these should be accounted for as contributions. Further issues included whether an adjustment should be made in the Husband's favour due to his parents selling a property for less than its sworn value, and whether an adjustment was warranted in the Wife's favour under section 75(2) of the *Family Law Act 1975* (Cth) concerning future needs. The court also had to consider the implications of the Husband's non-disclosure regarding the business.

The court made determinations regarding the inclusion of disputed loans in the asset pool. It ordered a 5% adjustment in the Husband's favour for contributions and a 15% adjustment in the Wife's favour concerning section 75(2) factors. The orders provided the Husband with an opportunity to retain the property from which the business operated, contingent on his ability to refinance and make a significant payment to the Wife. If the Husband failed to meet these conditions, the property was to be sold, with proceeds distributed according to a detailed hierarchy, including the repayment of specific debts and a division of net realisable assets. The orders also addressed the division of other assets, including the former matrimonial home, vehicles, and superannuation interests, and imposed indemnities for business and partnership liabilities.