Wallace and Wallace

This matter concerned the division of property between a husband and wife, heard by Judge Harland. The primary dispute revolved around the sale of a jointly owned property and the distribution of its proceeds, as well as the division of superannuation entitlements and other assets.

The court was required to determine how the jointly owned property at [G] in Queensland should be sold, including the listing price, the process for appointing a real estate agent, and the order of priority for applying the sale proceeds. Further issues included the allocation of capital gains tax arising from the sale, the division of superannuation interests held by the husband in the [A] Super and [M] Superannuation and Benefits Scheme, and the entitlement to other specified assets and liabilities.

Judge Harland ordered the sale of the [G] property, with specific timelines and procedures for listing, sale, and the distribution of proceeds. The proceeds were to be applied first to sale costs, then to outstanding rates and levies, followed by the discharge of the ANZ mortgage. A sum was to be retained by the husband for capital gains tax, with the balance to be divided 55% to the wife and 45% to the husband. The court also made detailed orders regarding the husband's obligation to pay capital gains tax, including provisions for the wife's indemnification if the retained funds were insufficient. Specific orders were made concerning the division of the husband's superannuation interests, with the wife to receive a specified amount from [A] Super and 100% of splittable payments from the [M] Superannuation and Benefits Scheme. The wife was also to retain sole entitlement to a Mitsubishi Outlander and her superannuation in the [M] Super and [A] Super funds. Each party was to retain other chattels and be solely liable for debts in their own name. The court also appointed a Registrar to execute documents if a party failed to do so and granted liberty to relist for consequential orders.