SARAF & SARAF

This matter concerned the division of property between the Applicant husband and the Respondent wife. The dispute involved the distribution of net assets, liabilities, superannuation, and financial resources, including the Saraf Family Business, two motor vehicles, and real property located at F Street, Suburb G, Queensland. The court was required to determine the percentage split of the net asset pool and the specific mechanisms for transferring assets and discharging liabilities.

The court was required to determine the appropriate division of the parties' net asset pool, including superannuation and financial resources. Key issues included the valuation and sale of the Saraf Family Business, the allocation of specific motor vehicles, the treatment of capital gains tax arising from the business sale, and the disposition of the former matrimonial home. The court also needed to address the refinancing of a mortgage and the potential sale of the real property if insufficient funds were available to meet the husband's entitlement.

The court ordered a division of the net assets, liabilities, superannuation, and financial resources of the parties, allocating 45% to the husband and 55% to the wife. The Saraf Family Business was to be sold, with the husband appointed as the sole trustee for the sale, subject to specific notification and minimum sale price requirements. Proceeds from the sale were to be applied to legal fees, a payment to Mr H, accounting costs, capital gains tax, and the remaining balance was to be distributed according to the ordered percentages. The court also made detailed provisions for the appointment of an accountant to estimate capital gains tax and for the handling of those funds. Further orders addressed the transfer of the former matrimonial home to the wife, contingent on sufficient funds from the business sale, or its sale by private treaty or auction if necessary. Each party was to retain their respective personal assets and superannuation, and to indemnify each other in relation to their own liabilities, with provisions for a Registrar to execute documents if a party failed to comply with the orders.