TIMMINS & TIMMINS

This matter came before Judge Burchardt concerning financial adjustment orders sought by an applicant wife against a respondent husband. The dispute centred on the division of property, specifically a property registered in the husband's sole name.

The court was required to determine the appropriate distribution of assets and liabilities between the parties. This involved considering the equitable interests of both the applicant wife and the respondent husband in the property, and the terms upon which the property should be dealt with, including whether it should be retained by one party or sold.

Judge Burchardt ordered that the respondent husband retain the property, known as Property B, which was registered in his sole name. To achieve an equitable division, the husband was directed to pay the applicant wife a sum of $95,571 within sixty days. The husband was granted the sole right to occupy Property B during this period, with the responsibility to meet all mortgage instalments, rates, and taxes. Should the full payment not be made by the due date, the parties were to agree on terms for listing Property B for sale within thirty days thereafter, with specific provisions for the appointment of a real estate agent and the determination of the sale price. The proceeds of any sale were to be applied first to sale costs, then to discharge existing mortgages and encumbrances, followed by payment of any outstanding amount to the applicant wife with interest at 8% per annum, and finally, any remaining balance to the respondent husband. The applicant wife was also ordered to remove any caveats lodged on the property contemporaneously with the payment.