SNELL & SNELL

In this matter before Coleman J, the parties, husband and wife, were engaged in a dispute concerning the division of their property. The central area of contention related to the valuation of a corporation, with conflicting expert evidence presented by each party. The court was required to determine the appropriate value of the corporation for the purposes of property settlement, as well as the respective contributions of the parties and any necessary adjustments under section 75(2) of the Family Law Act 1975 (Cth). The wife also sought spousal maintenance.

The court was tasked with resolving the conflicting valuations of the corporation, considering the evidence of both parties' experts. It also needed to assess the contributions made by each party to the marriage and determine if any adjustment was warranted under section 75(2) of the Family Law Act 1975 (Cth). Furthermore, the court had to consider the wife's claim for spousal maintenance, assessing whether she met the threshold requirements for such an order.

Coleman J ultimately preferred the wife's expert's approach to valuing the corporation, concluding that its value should be taken as $467,825, while also accounting for debts owed to and by the corporation. Regarding contributions, the court found that the parties' contributions favoured the husband by 56 per cent to 44 per cent. An adjustment of 11 per cent under section 75(2) was deemed appropriate, resulting in a final division of 55 per cent to the wife and 45 per cent to the husband. The wife's application for spousal maintenance was dismissed, as she did not demonstrate an inability to support herself, particularly given the interim payments ordered. The court made detailed orders for the payment of a capital sum to the wife, the transfer of company shares and trust interests, and indemnities for liabilities.