RICHARDS & HOVEY

In the matter of Richards & Hovey, Johns J of the Federal Circuit Court of Australia made orders concerning the division of property between a husband and wife. The dispute centred on the equitable distribution of various assets and liabilities held by the parties.

The court was required to determine the terms of the property settlement, including the payment of a sum by the wife to the husband, the transfer of interests in real property, and the allocation of liabilities such as a mortgage. The court also had to consider the distribution of other assets, including investments, shares, and savings, and to address the parties' respective claims to superannuation and employment benefits.

Johns J ordered that the wife pay the husband $65,967 within 60 days. Contemporaneously with this payment, the husband was to transfer his interest in the Suburb C property to the wife, who was to indemnify him against the existing mortgage and all other outgoings. The orders also provided for the refinancing of the Suburb C mortgage into the wife's sole name. In the event the payment was not made by the due date, the Suburb C property was to be sold, with the proceeds applied first to sale costs, then to discharge encumbrances, then to satisfy the outstanding payment to the husband with interest, and finally, any balance to the wife. The court further detailed the specific assets each party was to retain absolutely, including properties, investments, and funds, and severed any joint tenancies.