Sturridge and Sturridge

In the matter of *Sturridge and Sturridge*, heard before Macmillan J, the parties, a husband and wife, sought to resolve property and maintenance matters following their separation. The dispute concerned the division of significant assets, including a former matrimonial home, the husband's interest in a hose manufacturing company, and other landholdings, which were encumbered by substantial debt. The parties also agreed to set aside a previously executed Financial Agreement, acknowledging the wife's lack of full understanding of its terms at the time of signing.

The court was required to determine the terms of consent orders that would finally determine the financial relationship between the parties. Key issues included the valuation and division of the matrimonial home and the husband's business, the management of significant debts, and the provision of financial support for the parties' two children. The court also considered the practicalities of a deferred settlement, given the parties' current financial circumstances.

The court's decision was based on the consent of both parties, reflecting an agreement reached on parenting, property, and maintenance. The orders provided for equal shared parental responsibility for the children, with the children living with the wife and spending time with the husband by agreement. A deferred settlement was implemented, requiring the husband to continue operating his business to discharge debts encumbering the former matrimonial home before transferring it to the wife. The husband was also ordered to make an initial payment to the wife and to provide ongoing financial support pending the property transfer. The orders also detailed provisions for default by the husband, including the potential sale of his business and other assets to satisfy his obligations.

By consent, the court ordered the husband to transfer the former matrimonial home to the wife on an unencumbered basis by a specified date or upon the sale of his business. The husband was also directed to provide security for the wife's entitlements by executing a charge over his business interests. The parties' agreement was intended to finally determine their financial relationship, and they also entered into contemporaneous agreements regarding parenting, child support, and a binding financial agreement.