Terzi and Terzi (No. 5)

In *Terzi and Terzi (No. 5)*, Foster J of the Family Court of Australia considered the disbursement of proceeds from the sale of a property and the transfer of shares between the parties. The dispute concerned the division of assets following the breakdown of the marriage.

The primary legal issue before the court was how the net proceeds of the sale of the Town C property should be distributed between the husband and wife. Additionally, the court was required to determine the disposition of the wife's interest in certain Y Shares.

Foster J ordered that the wife, as trustee for sale of the Town C property, was to disburse the proceeds in a specific order of priority. This included discharging the mortgage, paying sale expenses and legal costs, making contractual adjustments, reimbursing the wife for funds expended on preparing the property for sale, and then distributing the remaining balance. The husband was to receive 40 per cent of this balance, followed by a further fixed sum of $3,542. The ultimate balance was to be paid to the wife. The court also ordered the wife to transfer her interest in the Y Shares to the husband. Liberty to apply was granted for the implementation or enforcement of these orders.