WAIGHT & WAIGHT

This matter concerned a dispute between a husband and wife regarding the distribution of proceeds from the sale of their jointly owned real property. The parties presented a consent order to the court for approval, which outlined a specific order of priority for the disbursement of funds from the sale. The court was asked to make orders concerning the sale proceeds, the setting aside of a Limited Child Support Agreement, and the dismissal of an application.

The primary legal issues before the court were the appropriate distribution of the sale proceeds of the real property, the validity and effect of a Financial Agreement and a Limited Child Support Agreement entered into by the parties, and whether the Limited Child Support Agreement should be set aside. The court was also required to determine the extent to which the parties' obligations under these agreements were satisfied by the proposed distribution of funds.

Bennett J, by consent of the parties, ordered that the proceeds of the sale of the real property be disbursed in a specific order: first, to cover sale costs; second, to discharge the mortgage; third, to pay outstanding rates and land tax; fourth, a sum to the Child Support Agency; fifth, a secured amount to the Wife pursuant to the Financial Agreement, plus interest; sixth, to discharge any other charges; and finally, a sum of $60,000 to the Wife in full satisfaction of the Husband's obligations under both the Financial Agreement and the Limited Child Support Agreement, with the balance to the Husband. The court also ordered that the Limited Child Support Agreement be set aside subject to compliance with the $60,000 payment to the Wife, and that the Wife provide a withdrawal of caveat upon settlement of the sale. The Amended Initiating Application filed by the Applicant was otherwise dismissed. The court noted that the Wife reserved her right to pursue the full amount owed if insufficient funds were available for the $60,000 payment.