Rigge and Rigge (No 2)

[2020] FamCA 573

FAMILY COURT OF AUSTRALIA

RIGGE & RIGGE (NO. 2) [2020] FamCA 573

FAMILY LAW – PROPERTY – final orders made that achieve justice and equity for both parties in accordance with earlier Reasons delivered

Family Law Act 1975 (Cth)

Rigge & Rigge [2020] FamCA 106

APPLICANT: Mr Rigge

RESPONDENT: Ms Rigge

FILE NUMBER: BRC 10441 of 2014

DATE DELIVERED: 24 July 2020

PLACE DELIVERED: Brisbane

PLACE HEARD:

Brisbane,

By written submission

JUDGMENT OF: Baumann J

HEARING DATE: 11, 12, 13 & 14 February 2019

REPRESENTATION

COUNSEL FOR THE APPLICANT: Mr T Kirk QC

SOLICITOR FOR THE APPLICANT: MBA Lawyers

COUNSEL FOR THE RESPONDENT: Mr J Bunning

SOLICITOR FOR THE RESPONDENT: Damien Greer Lawyers

Orders

Interpretation

In this order, entities means:

(a)G Pty Ltd A.C.N. …;

(b)FF Unit Trust A.B.N. …;

(c)C Pty Ltd A.C.N. …;

(d)MM Pty Ltd A.C.N. …;

(e)V Unit Trust;

(f)F Pty Ltd;

(g)K Trust A.B.N. …;

(h)BW Superannuation Fund;

1. E Pty Ltd A.C.N. …;

(j)CC Pty Ltd A.C.N. …;

(k)FF Pty Ltd.

Entities

1. That forthwith the wife shall cease all dealings with any asset owned by any of the entities (including their bank accounts) and not dispose of, transfer or otherwise deal with any asset owned by any of the entities or incur any liabilities in the name of any of the entities without the prior written consent of the husband, save in accordance with these Orders.

2. That within fourteen (14) days from the date of these Orders, each the husband and the wife do all acts and things required to give effect to the following:

   (a)The wife to cause Westpac Bank (and any other bank) to grant the husband access to any and all bank accounts of the entities, and to remove her access to any and all bank accounts of the entities;

   (b)The wife to resign as officeholder in each of the corporate entities, with the husband to be appointed as substitute officeholder in each of the corporate entities;

   (c)The wife to transfer her shares in each of the corporate entities to the husband or his nominee;

   (d)If there are shares in any of the corporate entities that are owned by an entity controlled by the wife, then the wife shall cause that entity's shares to be transferred to the husband or his nominee;

   (e)The wife to resign as principal or appointor of each of the trust entities, with the husband to be appointed as sole principal or appointor of each of the trust entities;

   (f)At the discretion of the husband, the wife to be removed as a beneficiary, potential or otherwise of each of the trust entities, with the husband to be appointed as a primary beneficiary of each of the trust entities; and

   (g)The wife to indemnify each of the entities and the husband for any failure by her to comply with any of the entities’ obligation to the Australian Tax Office up to the date that the wife ceases to be an officeholder of each of the entities;

3. That the wife prepare and deliver to the husband, at her cost solely, all documents required to give effect to the transactions under Order 1 above.

Entity loans

1. That contemporaneously with Order 2, all loan monies owed to the parties both jointly and severally by the FF Unit Trust vest in the husband ($904,570 in Appendix One to his Honour’s Reasons for Judgment delivered 5 March 2020).

2. That contemporaneous with Order 2, the loan due by E Pty Ltd as trustee for The K Trust to the Wife ($706,175 in Appendix One to his Honour’s Reasons for Judgment delivered 5 March 2020) be transferred to the husband or an entity nominated by the husband.

Property adjustment orders

1. That within seven (7) days after the entities have been transferred to the husband in accordance with Order 2, each the husband and the wife do all acts and things required to cause Damien Greer Lawyers to apply the proceeds of sale of LL Street, Suburb J held in Damien Greer Lawyers trust account on behalf of the parties and C Pty Ltd A.C.N. … to pay the following loans on behalf of the wife:

   (a)Wife’s loan account owing to C Pty Ltd A.C.N. … in the amount of $19,221;

   (b)Wife’s loan account to G Pty Ltd A.C.N.… in the amount of $2,543; and

   (c)Wife’s loan account to MM Pty Ltd A.C.N. … in the amount of $178,731.

2. That within twenty eight (28) days from the date of these Orders, each the husband and the wife do all acts and things required to cause the property in the table below to be transferred to the wife or her nominee, and the wife retain as her property absolutely, the following:

1.	Proceeds of sale of TT Street, Suburb SS held in Damien Greer Lawyers trust account	$54,311
2.	GH Place, Suburb J business	NIL
3.	Motor Vehicle 1 and Motor Vehicle 2	$7,500
4.	The parties shall cause G Pty Ltd A.C.N. … to transfer to the wife the property at Suburb P (Lot … on DP …)	$775,000
5.	Balance of the proceeds of sale of LL Street, Suburb J held in Damien Greer Lawyers trust account on behalf of the parties and C Pty Ltd A.C.N. … after payment of loans in accordance with Order 6 (being $292,907 less $200,495 = $92,412)	$92,412
6.	BJ Bank Superannuation entitlement	$5,102
7.	9 June 2016 partial property settlement to wife	$500,000
8.	14 February 2019 partial property settlement to wife	$60,000
8.	Within seven (7) days of compliance with Order 6, the husband pay or to cause the entities (or any of them), at his discretion, to pay to the wife a cash settlement sum	$181,614
Net total property to be retained by the wife being 37.5% of the matrimonial property pool (as particularised in Appendix One to his Honour’s Reasons for Judgment delivered 5 March 2020) of $4,469,170	$1,675,939

1. That the husband retain as his sole property, the following:

1.	FG City properties: BL Street, FG City, CD State, USA BQ Street, FG City, CD State, USA BZ Street, FG City, CD State, USA BR Street, FG City, CD State, USA BT Street, FG City, CD State, USA BV Street, FG City, CD State, USA
2.	BN Bank account	$14,703
3.	Motor Vehicle 3	$6,000
4.	Aircraft 4	$22,500
5.	Aircraft 5	$15,000
6.	BJ Bank Superannuation entitlement	$148,478
7.	5 April 2016 partial property settlement to husband	$550,000
8.	14 February 2019 partial property settlement to husband	$60,000

1. That the transferor of any asset under these Orders shall be responsible for preparing and delivering to the other party, at their sole cost, the documents required to give effect to such transfer and the payment of any costs and statutory costs, including stamp duty, associated with transfer.

2. That the wife indemnify and keep indemnified the husband against all or any manner of actions, suits, causes of action, arbitrations, debts, dues, costs, interest and demands both at law and in equity which the wife now has or may have at any time or times after the date of these Orders against the husband or any of the entities which may arise in respect of any act or thing done or omitted to be done by the wife up to and including the date of making of these Orders whether by reason of the wife having been an employee and/or director and/or officer of any of the entities and/or by reason of her shareholding within any of the entities, and/or any debit balance in any loan account in her name and/or the receipt by her of any moneys at any time from the entities or otherwise.

3. That the wife indemnify the husband in respect of all liability which the wife or the entities may have now and whether alone, jointly and/or severally with the husband and/or any other person and/or company to any creditor of any of the entities pursuant to any guarantee and/or indemnity and/or in any other manner however arising in respect of any liability of any of the entities pertaining to the period where the husband was a director and/or officer of any of the entities.

4. That unless otherwise specified herein and save for the purpose of enforcing the payment of any money due under this or subsequent Orders:

   (a)the parties be solely entitled to the exclusion of the other to all other property (including choses-in-action) in the possession of such party as at the date of this Order;

   (b)insurance policies remain the sole property of the owner named thereon;

   (c)each party forgoes any claims they may have to any superannuation benefits belonging to or earned by the other;

   (d)each party be solely liable for and indemnify the other against any liability encumbering any item of property to which that party is hereby entitled pursuant to this Order; and

   (e)each party is solely responsible for, and indemnified the other against, any liability to a third party existing at the date of this Order which was incurred in their name whether before or after the date of this Order.

5. That if either party refuses or neglects to comply with these Orders, a Registrar of the Family Court of Australia is hereby appointed pursuant to Section 106A the Family Law Act 1975 to executive all deeds and documents in the name of the party in default and do all acts and things required to give validity and operation to these Orders.

6. That each party shall have liberty to apply to the Family Court of Australia in relation to any question arising as to the implementation or interpretation of these Orders on the giving of seven (7) days’ notice in writing, on to the other.

IT IS NOTED:

A.That if either party wishes to make application for costs, they do so by way of written submissions to be filed within twenty-eight (28) days.

Note: The form of the order is subject to the entry of the order in the Court’s records.

IT IS NOTED that publication of this judgment by this Court under the pseudonym Rigge & Rigge has been approved by the Chief Justice pursuant to s 121(9)(g) of the Family Law Act 1975 (Cth).

Note: This copy of the Court’s Reasons for Judgment may be subject to review to remedy minor typographical or grammatical errors (r 17.02A(b) of the Family Law Rules 2004 (Cth)), or to record a variation to the order pursuant to r 17.02 Family Law Rules 2004 (Cth).

FAMILY COURT OF AUSTRALIA AT BRISBANE

FILE NUMBER: BRC 10441 of 2014

Mr Rigge

Applicant

And

Ms Rigge

Respondent

REASONS FOR JUDGMENT

Introduction

1. On 5 March 2020 the Court published Reasons in these proceedings relating to financial and property alteration between the Applicant Mr Rigge (“the husband”) and the Respondent Ms Rigge (“the wife”) – see Rigge & Rigge [2020] FamCA 106 (“the earlier Reasons”).

2. For the purpose set out at paragraphs 97 to 100 of the earlier Reasons, and after directions were made on 22 April 2020 to receive further submissions, the Court has received and considered the following further submissions as to the form of the order:

   a)On 6 May 2020, written submissions on behalf of the wife;

   b)On 17 May 2020, written submissions on behalf of the husband; and

   c)On 14 May 2020, written submissions in reply on behalf of the husband.

3. Relevantly and properly, both parties chose to obtain their own independent tax/accounting advice which they rely upon, namely:

   d)the wife obtained advice from Ms DA of DB Advisors in respect of the orders proposed by the husband and the orders proposed by the wife (two letters dated 20 April 2020); and

   e)the husband obtained advice from Mr DC of DE Pty Ltd (referred to as “DE”) and his advice is incorporated in the letters received from DB Advisors.

4. Fundamentally, the earlier Reasons identified the intended distribution and/or alteration of legal and equitable interests (with the aim of achieving an effective division of the pool in the proportions of 62.5% to the husband and 37.5% to the wife) and on the basis of the husband obtaining control of the units in the FF Unit Trust and therefore the 60% interest held in the DD Street property (see paragraphs 94 to 96 of the earlier Reasons).

5. Each party contends for a different form of order that they say reflect the intentions expressed in the earlier Reasons.  At Appendix One to these Reasons are the orders sought by the husband; at Appendix Two to these Reasons are the orders sought by the wife.  Perhaps it is hardly surprising in this case that the parties (even before the respective taxation advice was procured) were unable to reach agreement on the form of orders.

6. The property interests in this matter generate some complexities and, as the taxation advices reveal, some added issues for consideration.  Longstanding authorities make it clear that it is not simply achieving the percentage division that creates a just and equitable result- the Court must look at the effect of the orders to ensure they achieve justice and equity for both parties.

7. To explain why I believe the orders which appear at the commencement of these Reasons achieve the statutory requirement, I firstly consider the differences in the two competing proposals and then consider, on the order proposed, how taxation and other accounting impacts have been taken into account.

Different proposals

1. Before considering the orders, the wife’s submissions commence with a contention that the pool of nett interests identified by the Court in the earlier Reasons should be reduced by a sum of $60,000 because the wife, it is asserted, did not fully draw down $1,000 per week “from the various entities” as permitted by the Order of Judge Vasta made 26 October 2016.  The wife’s claim in this regard is supported by her evidence at paragraphs 9 and 10 of her Affidavit filed 1 February 2019.

2. However, the husband contends (whilst not admitting the wife failed to take $1,000 per week during the period) that:

   a)her failure to take payments up to a further $60,000 (in addition to the conceded $40,000), before the payment ordered on 14 February 2019 (of $60,000 to each party) “demonstrates that the wife did not have the need for the payment in that week”; and

   b)the earlier Reasons reveal the wife had other sources of payment (see for example paragraphs 80 and 89(h)).

3. The payment ordered 14 February 2019 (the last day of the hearing before me) should be categorised as partial property settlement as was the payment to the husband.

4. The Order of 26 October 2016, in my view, does not characterise the entitlement of the wife to make a payment to herself of $1,000 a week as “spouse maintenance”.  It is not an order, but in effect an undertaking given by the wife, who had control of the entities at the time, about the limits of her exercising her control.  If, as she says, she did not elect (as she was perfectly entitled to do), to pay herself $1,000 every week, then there is no basis upon which she should now be entitled to seek a “catch up” payment.

5. As a result, the identified pool will not be reduced by the sum of $60,000.

6. The wife says that the orders she proposes “are simple” whilst the orders sought by the husband are “substantially more complex” and require a number of documents to be executed.  In this case, I believe a need to specify, as the husband’s orders propose, that various transactions take place (which include such simple transactions as signing Westpac Bank documents) provides a necessary guidepost to put the transactions required into effect.

7. In short, the orders proposed by the husband, as a template, are to be preferred to those contended for by the wife and I adopt them with the following amendments for the following reasons, namely:

   a)the wife has submitted, as an alternate proposal, that she does not wish to retain the property at Suburb JJ (value $530,000) but rather the property at Suburb P (value $775,000).  She now says (contrary to the orders initially proposed in her case outline) that it is her intention to reside in the Suburb P property.  The husband, in his submissions in reply, agrees;

   b)the effect of substituting the Suburb JJ property for the Suburb P property is that the payment to be made by the husband to the wife reduces from $426,614 to $181,614;

   c)the wife says the husband’s order, unlike her proposal, does not specify or identify “a source” for payment or sets out “in any way what security the wife has for the payment”.  Whilst this is correct, considering the husband will retain property interests exceeding $2.7 million, I am comfortable in accepting the submissions of the husband in reply that “there are sufficient funds in the entities for the husband to make the payment”;

   d)whilst the wife’s orders, she says, means she “will be solely liable for any consequences of the decisions made by her”, including loan forgiveness in the period 2015 to 2018, she opposes the husband’s proposed orders at 1(g) on the basis that it will “invite further litigation between the parties”.  I agree that achieving finality in this complex mix of property interests is challenging.  In my view, incorporating paragraph 1(g) merely makes clear the wife’s potential liability – one the wife says she accepts;

   e)the wife’s concerns about paragraph 4 of the husband’s orders are, in my view, overcome by order 4 being in these terms:

   “4.      That contemporaneously with order 2, all loan monies owed to the parties both jointly and severally by the FF Unit Trust vest in the husband ($904,570 in Appendix One to his Honour’s Reasons for Judgment delivered 5 March 2020).”

   f)Generally I agree with the submissions of the husband that his form of orders has less potential for adverse taxation consequences to the husband.  If such form of orders were made as the wife contends, then allowance for those tax consequences is likely to have required significant “redesign” of the orders.

8. For those reasons, the orders which appear at the commencement of these Reasons achieve justice and equity for both parties.

9. Without in anyway inviting the parties to prolong this litigation by pursuing applications for costs, it is appropriate to remind the parties of their right to do so (in accordance with the Family Law Rules 2004), as the notation to the husband’s orders seeks to do.

I certify that the preceding sixteen (16) paragraphs are a true copy of the reasons for judgment of the Honourable Justice Baumann delivered on 24 July 2020.

Associate: 

Date: 24 July 2020

APPENDIX ONE

Interpretation

In this order:

Entities means:

(a)G Pty Ltd A.C.N. …;

(b)FF Unit Trust A.B.N. …;

(c)C Pty Ltd A.C.N. …;

(d)MM Pty Ltd A.C.N. …;

(e)V Unit Trust;

(f)F Pty Ltd;

(g)K Trust A.B.N. …;

(h)BW Superannuation Fund;

1. E Pty Ltd A.C.N. …;

(j)CC Pty Ltd A.C.N. …;

(k)FF Pty Ltd.

Entities

1. That forthwith the Wife shall cease all dealings with any asset owned by any of the Entities (including their bank accounts) and not dispose of, transfer or otherwise deal with any asset owned by any of the Entities or incur any liabilities in the name of any of the Entities without the prior written consent of the Husband, save in accordance with these Orders;

2. That within fourteen (14) days from the date of these Orders, each the Husband and the Wife do all acts and things required to give effect to the following:

   a)The Wife to cause Westpac Bank (and any other bank) to grant the Husband access to any and all bank accounts of the Entities, and to remove her access to any and all bank accounts of the Entities.

   b)The Wife to resign as officeholder in each of the corporate Entities, with the Husband to be appointed as substitute officeholder in each of the corporate Entities;

   c)The Wife to transfer her shares in each of the corporate Entities to the Husband or his nominee;

   d)If there are shares in any of the corporate Entities that are owned by an entity controlled by the Wife, then the Wife shall cause that entity's shares to be transferred to the Husband or his nominee;

   e)The Wife to resign as Principal or Appointor of each of the trust Entities, with the Husband to be appointed as sole Principal or Appointor of each of the trust Entities;

   f)At the discretion of the Husband, the Wife to be removed as a Beneficiary, potential or otherwise of each of the trust Entities, with the Husband to be appointed as a Primary Beneficiary of each of the trust Entities.

   g)The Wife to indemnify each of the Entities and the Husband for any failure by her to comply with any of the Entities' obligation to the Australian Tax Office up to the date that the Wife ceases to be an officeholder of each of the Entities;

1. That the Wife prepare and deliver to the Husband, at her cost solely, all documents required to give effect to the transactions under Order 1 above.

Entity Loans

1. That contemporaneous with Order 2, the Wife’s 50% share of the loan due by the FF Unit Trust to the Husband and Wife ($904,570 in Appendix One to His Honours Reasons for Judgement dated 5/3/2020) to be transferred to the Husband or an entity nominated by the Husband.

2. That contemporaneous with Order 2, the loan due by E Pty Ltd as trustee for The K Trust to the Wife ($706,175 in Appendix One to His Honours Reasons for Judgement dated 5/3/2020) be transferred to the Husband or an entity nominated by the Husband.

Property Adjustment Orders

1. That within seven (7) days after the Entities have been transferred to the Husband in accordance with Order 2, each the Husband and the Wife do all acts and things required to cause Damien Greer Lawyers to apply the proceeds of sale of LL Street, Suburb J held in Damien Greer Lawyers trust account on behalf of the parties and C Pty Ltd A.C.N. … to pay the following loans on behalf of the Wife:

   a)Wife’s loan account owing to C Pty Ltd A.C.N. … in the amount of $19,221;

   b)Wife’s loan account to G Pty Ltd A.C.N.… in the amount of $2,543; and

   c)Wife’s loan account to MM Pty Ltd A.C.N. … in the amount of $178,731.

2. That within twenty eight (28) days from the date of these Orders, each the Husband and the Wife do all acts and things required to cause the property in the table below to be transferred to the Wife or her nominee, and the Wife retain as her property absolutely, the following:

1.	Proceeds of sale of TT Street, Suburb SS held in Damien Greer Lawyers trust account	$54,311
2.	GH Place Suburb J business	NIL
3.	Motor Vehicle 1 and Motor Vehicle 2	$7,500
4.	The parties shall cause G Pty Ltd A.C.N. … to transfer to the Wife the property at GG Street Suburb JJ Qld described as Lots 1 and 2 on RP … which is all of the land contained in Certificates of Title … and …, unencumbered	$530,000
5.	Balance of the proceeds of sale of LL Street, Suburb J held in Damien Greer Lawyers trust account on behalf of the parties and C Pty Ltd A.C.N. … after payment of loans in accordance with Order 6  (being $292,907 less $200,495 = $92,412)	$92,412
6.	BJ Bank Superannuation entitlement	$5,102
7.	9 June 2016 partial property settlement to Wife	$500,000
8.	14 February 2019 partial property settlement to Wife	$60,000
8.	Within seven (7) days of compliance with Order 6, the Husband pay or to cause the Entities (or any of them), at his discretion, to pay to the Wife a cash settlement sum	$426,614
Net total property to be retained by the Wife being 37.5% of the matrimonial property pool (as particularised in Appendix One to His Honours Reasons for Judgement dated 5 March 2020) of $4,469,170	$1,675,939

1. That the Husband retain as his sole property, the following:

1.	FG City properties: BL Street, FG City, CD State, USA BQ Street, FG City, CD State, USA BZ Street, FG City, CD State, USA BR Street, FG City, CD State, USA BT Street, FG City, CD State, USA BV Street, FG City, CD State, USA
2.	BN Bank account	$14,703
3.	Motor Vehicle 3	$6,000
4.	Aircraft 4	$22,500
5.	Aircraft 5	$15,000
6.	BJ Bank Superannuation entitlement	$148,478
7.	5 April 2016 partial property settlement to Husband	$550,000
8.	14 February 2019 partial property settlement to Husband	$60,000

1. That the transferor of any asset under these Orders shall be responsible for preparing and delivering to the other party, at their sole cost, the documents required to give effect to such transfer and the payment of any costs and statutory costs, including stamp duty, associated with transfer.

2. That the Respondent indemnify and keep indemnified the Applicant against all or any manner of actions, suits, causes of action, arbitrations, debts, dues, costs, interest and demands both at law and in equity which the Respondent now has or may have at any time or times after the date of these Orders against the Applicant or any of the Entities which may arise in respect of any act or thing done or omitted to be done by the Respondent up to and including the date of making of these Orders whether by reason of the Respondent having been an employee and/or director and/or officer of any of the Entities and/or by reason of her shareholding within any of the Entities, and/or any debit balance in any loan account in her name and/or the receipt by her of any moneys at any time from the Entities or otherwise.

3. That the Respondent indemnify the Applicant in respect of all liability which the Applicant or the Entities may have now and whether alone, jointly and/or severally with the Respondent and/or any other person and/or company to any creditor of any of the Entities pursuant to any guarantee and/or indemnity and/or in any other manner however arising in respect of any liability of any of the Entities pertaining to the period where the Applicant was a director and/or officer of any of the Entities.

4. Unless otherwise specified herein and save for the purpose of enforcing the payment of any money due under this or subsequent Orders:

   a)The parties be solely entitled to the exclusion of the other to all other property (including choses-in-action) in the possession of such party as at the date of this Order;

   b)Insurance policies remain the sole property of the owner named thereon;

   c)Each party forgoes any claims they may have to any superannuation benefits belonging to or earned by the other;

   d)Each party be solely liable for and indemnify the other against any liability encumbering any item of property to which that party is hereby entitled pursuant to this Order;

   e)Each party is solely responsible for, and indemnified the other against, any liability to a third party existing at the date of this Order which was incurred in their name whether before or after the date of this Order;

5. That if either party refuses or neglects to comply with these orders a Registrar of the Family Court of Australia is hereby appointed pursuant to section 106A the Family Law Act 1975 to executive all deeds and documents in the name of the party in default and do all acts and things required to give validity and operation to these orders.

6. That each party shall have liberty to apply to the Family Court of Australia in relation to any question arising as to the implementation or interpretation of these orders on the giving of seven (7) days’ notice in writing, on to the other.

NOTATION:

1. That if either party wishes to make application for costs, they do so by way of written submissions to be filed within twenty-eight (28) days.

APPENDIX TWO

1. Within 42 days, the Wife do all things and sign all documents necessary to cause:

   a)G Pty Ltd to transfer to the Husband its interest in the properties located at Suburb P (Lot …) and GG Street, Suburb JJ (Lots 1 &2/RP…).

   b)The K Trust to pay to the Husband the sum of $246,574; and

   c)Damien Greer Lawyers to pay to the Husband from the funds held in Trust on behalf of the Wife and/or C Pty Ltd, the sum of $112,476.

2. Contemporaneous with Order 1, the Wife shall:

   a)utilise the loan owning to her from The FF Unit Trust (in the sum of $1,145,143) to discharge the Husband’s loan owing to The FF Unit Trust in the sum of $247,672.

   b)Transfer the Husband’s loan owing to C Pty Ltd in the sum of $19,221 to her loan account with C Pty Ltd.

3. In the event any of these Order directly results in a sum being payable by either the Husband or Wife, in terms of income tax or Division 7A liability, the parties shall share those amounts payable in portions of 62.5% by the Wife and 37.5% by the Husband.

4. Unless otherwise specified in these Orders and except for the purposes of enforcing payment of any money due under these or any subsequent Orders each party shall be solely entitled to the exclusion of the other to:

   a)all property in the possession of such party as at this date including any jewellery, furniture, furnishings, shares and motor vehicles.

   b)Interest in any company, partnership, trust or any entity whatsoever.

   c)Moneys standing to the credit of the parties in any bank accounts to be the property of the party in whose name such bank account is held.

   d)Each party hereby foregoes any claims they may have to any superannuation benefit to or owned by the other.  The party in whose name any such policy of superannuation or insurance stand shall be deemed to be the owner and the beneficiary of such policy to the exclusion of the other.

5. Each party be solely liable for and indemnify the other against any liability encumbering any item of property to which that party is entitled pursuant to this Order.