Saberton and Saberton

This matter concerned orders made by Cleary J in the Federal Circuit and Family Court of Australia concerning property settlement between the parties, the wife and the husband. The dispute revolved around the division of matrimonial assets and liabilities, including the matrimonial home, company shares, and superannuation entitlements.

The court was required to determine the terms of the property settlement, including the sale of the matrimonial home, the distribution of sale proceeds, the payment of specific debts and sums between the parties, the transfer of company shares and assets, and the division of superannuation entitlements. The orders addressed the valuation and sale process for the matrimonial home, the allocation of sale proceeds towards various loans and credit card debts, and a specific payment to be made by the husband to the wife.

Cleary J ordered the wife to list and sell the matrimonial home, with the sale price to be agreed or determined by a valuer appointed by the wife. The proceeds were to be applied first to sale costs, then adjustments for rates, followed by specified National Australia Bank loans and a Citibank credit card debt. The remaining net balance was to be paid to the wife, with the husband to make up any shortfall if the net balance was less than $206,575. The husband was also ordered to pay a sum of $66,949 to the wife within three months of the sale settlement.

Further orders directed the husband to transfer his shares in L Pty Ltd to the wife and resign as director and secretary, with the wife to ensure the husband's release from liabilities to L Pty Ltd and to indemnify her against third-party creditors. The wife was also to arrange for the transfer of L Pty Ltd's shares in X Pty Ltd and company assets to the husband at his expense. The court also made orders pursuant to s 90MT(1)(a) of the Family Law Act 1975 regarding the wife's entitlement to 100 per cent of the husband's splittable payments from The Y Superannuation Fund.