Szabo & Szabo

In the matter of *Szabo & Szabo*, Kay J of the Family Court of Australia determined property settlement, spousal maintenance, and costs following a long marriage. The primary dispute concerned the valuation of the asset pool, with the husband asserting a value of $576,000 and the wife contending for a substantially higher figure, largely due to a disagreement over the value of the husband's business. The court found the husband and his witnesses lacked credit, leading to a revised valuation of the business and an overall net asset pool of $973,500.

The court was required to determine the appropriate division of the asset pool, considering the parties' contributions and the husband's significantly greater earning capacity compared to the wife. Additionally, the court had to decide the duration of spousal maintenance, with the wife seeking indefinite payments and the husband proposing a 12-month period. Finally, the court addressed the wife's application for costs, balancing the complexity of the proceedings and the disparity in outcomes against the parties' respective financial positions and the husband's initial underestimation of the asset pool.

Kay J reasoned that the asset pool should be valued at $973,500, reflecting a higher business valuation due to the husband's lack of credit. A 10% adjustment was made in the wife's favour under section 75(2) of the *Family Law Act 1975* (Cth) to account for the disparity in earning capacity. Regarding spousal maintenance, the court favoured an end to litigation and ordered payments of $300 per week for three years, with liberty to apply for continuation thereafter. On costs, the court acknowledged the wife's need to proceed to trial to achieve a favourable outcome, despite her ultimate award being less than initially sought, and ordered the husband to pay half of the wife's costs. The orders included the transfer of a property to the wife, a significant payment from the husband to the wife, and mutual indemnities regarding trust and company liabilities.