Stephenson and Stephenson and Ors

This matter concerned an application before Jordan J in the Family Court of Australia, brought by the parties, Mr and Mrs Stephenson, seeking consent orders for property settlement. The proceedings involved the division of various assets and liabilities between the Husband and Wife, and also included the joinder of Mr C Stephenson as a Third Respondent and the transfer of certain properties to the parties' children, B Stephenson and A Stephenson.

The court was required to determine the terms of the property settlement, including the division of real estate, trusts, a partnership, bank accounts, chattels, and life assurance policies. The orders also addressed the allocation of responsibility for existing debts and the execution of necessary tax elections for roll-over relief. Furthermore, the court needed to consider the indemnities to be provided by each party in relation to their past involvement as trustees of the W Stephenson Family Trust and as partners in the W Grazing Company, as well as other potential liabilities.

The court made orders by consent, reflecting the agreement reached between the parties. These orders detailed the specific properties and resources to be retained or received by the Husband and Wife, respectively. Significant provisions included the transfer of the "G land" and the Husband's resignation as trustee of the W Stephenson Family Trust to the Wife, with specific waivers of entitlement from other family members. The Husband was to retain certain assets, including a property in Queensland and his interest in the W Grazing Company, with detailed provisions for the transfer of partnership assets and tax elections. The Wife was to retain other assets, including shares and motor vehicles, with specific chattels to be made available for collection. The orders also stipulated the transfer of properties to the children, B Stephenson and A Stephenson, conditional upon them assuming responsibility for associated debts.

The court also made orders regarding indemnities, with the Husband to indemnify the Wife for 60% of liabilities arising from her involvement in the W Stephenson Family Trust and the W Grazing Company, and the Wife to indemnify the Husband for 40% of liabilities related to the trust. The Wife was also to indemnify the Husband for 50% of liabilities arising from sharefarming activities. The orders further stipulated that each party would be responsible for preparing and paying for the transfer of property they received, and appointed the Registrar or Deputy Registrar to execute documents in default of compliance. The applications were dismissed, and there was no order as to costs.