Wallace and Stelzer

In the matter of *Wallace and Stelzer*, Benjamin J of the Family Court of Australia was required to determine the enforceability of a financial agreement made between the husband, Mr Wallace, and the wife, Ms Stelzer, on 29 September 2005. The dispute concerned the terms of this agreement and consequential orders relating to property division and the wife's resignation from company positions.

The primary legal issue before the Court was whether the financial agreement dated 29 September 2005 was an enforceable financial agreement under the *Family Law Act 1975* (Cth). Arising from this, the Court also considered consequential orders regarding the payment of a significant sum of money by the husband to the wife, including the calculation of interest, and the wife's subsequent resignation from her roles in S Pty Ltd and assignment of her interest in property at W to the husband.

Benjamin J declared the financial agreement dated 29 September 2005 to be an enforceable financial agreement under the *Family Law Act 1975* (Cth). Consequently, the Court ordered the husband to pay the wife the sum of $3,150,000, plus specified interest calculated from 13 July 2007. The Court also made orders for the wife to resign from her positions in S Pty Ltd and assign her interest in the property at W to the husband upon his compliance with the payment order, with the husband to be liable for any associated taxes and duties. All other outstanding applications were dismissed.