Parsin and Parsin

In the matter of *Parsin and Parsin*, Watts J of the Family Court of Australia made orders concerning the property of the parties. The dispute involved the division of assets and liabilities between the husband and wife.

The court was required to determine the appropriate division of the parties' property and superannuation interests pursuant to section 79 of the *Family Law Act 1975* (Cth). Additionally, the court considered the application of section 90MT(1)(a) of the *Family Law Act 1975* (Cth) in relation to the division of a superannuation interest.

Watts J ordered the transfer of monies from a controlled monies account to the wife and a payment of $143,396 from the husband to the wife. The husband was declared the sole beneficial owner of various assets including his shareholding in Parsin Group Pty Limited, the property at W, a St George Bank account, the suite at Y, IAG Shares, an AMP Insurance Policy, a Mazda 6 motor vehicle, and a loan payable to Parsin Superannuation Fund. The wife was declared the sole beneficial owner of furniture and household effects, a Honda Civic motor vehicle, and banking accounts in her name. The husband was ordered to indemnify the wife against specific debts and liabilities, including a loan to Parsin Group Pty Limited, capital gains taxation, and 50 percent of the liability for loans secured by the Y suite and W property. Conversely, the wife was ordered to indemnify the husband against credit card debts in her name, a loan from family members, and her capital gains taxation. Crucially, the court made orders for the division of the husband's superannuation interest in the Parsin Superannuation Fund, entitling the wife to a calculated amount from splittable payments and a corresponding reduction in the husband's entitlement, with the trustees to transfer the wife's interest and her entitlement from the husband's interest to a fund nominated by the wife. The parties were ordered to equally bear any tax or penalty incurred by the Parsin Superannuation Fund. The Registrar was appointed to execute documents if a party refused or neglected to do so.