Preston & Preston

This appeal concerns the property settlement orders made by a judge of the Federal Circuit and Family Court of Australia (Division 2) in a case between Preston and Preston. The husband appeals from property settlement orders made by the primary judge on 5 April 2022, and the appeal was heard on 24 August 2022. The appeal was allowed and the orders made by the primary judge were set aside. The husband qualified for a defined benefit military pension upon his medical discharge from the armed services in 2010, and the primary judge erred by treating this pension as a capitalised asset rather than as an income stream. The primary judge also erred by not holistically weighing the entirety of the parties’ financial and non-financial contributions according to the unique facts and circumstances. The appeal court re-exercised its discretion and ordered that the husband pay the sum of $339,194 to the wife and transfer his right, title, and interest in the real property and improvements comprising the Suburb A property to the wife. The husband is also declared the sole legal and beneficial owner of the net proceeds realised upon the sale of the Suburb B property.