Verley & Verley (No 2)

In *Verley & Verley (No 2)*, Justice Cronin of the Family Court of Australia was required to make orders concerning the financial settlement between a husband and wife. The proceedings arose from an application by the wife, filed in August 2006, and a response by the husband filed shortly thereafter. The court's primary focus was to resolve outstanding financial matters between the parties, including the division of property and superannuation entitlements.

The court was tasked with determining the specific terms of the financial settlement, including the quantum and timing of payments between the parties, the disposition of real property, and the division of superannuation. Key issues included how to secure a substantial payment from the husband to the wife, the conditions under which certain real estate would be sold if the payment was not made, and the respective entitlements to superannuation. The court also needed to address the occupation of the marital home pending the final settlement and the process for resolving any future disputes regarding the sale of property.

Justice Cronin ordered the husband to pay the wife $788,000 by 27 June 2008. This payment was to be made contemporaneously with the husband refinancing a housing loan to discharge the wife's liability and the wife providing a withdrawal of a caveat. In the event of non-payment, specified real properties were to be sold, with proceeds applied first to sale costs, then to discharge encumbrances, then to the outstanding payment plus interest at 11.75% per annum, and finally any balance to the husband. The husband was granted sole occupation of the properties pending payment or sale, provided he met all associated costs. The court also ordered that each party retain their respective superannuation entitlements and that the original applications be dismissed, with costs to be determined on written submissions.