News & Resources

Home » Blog » Property and Money » Property Prices in Court – Consequences and Delays

Property Prices in Court – Consequences and Delays

In a recent Family Court case this year Blackwell & Scott the Court ordered the proceeds of the sale of the matrimonial home to go to the husband and the wife was to receive $130,000 of his proceeds.

When these orders were made the Court and the parties agreed that it was an equal division of assets. However, the husband delayed the sale of the home and sold it 13 months after the orders were made. This was not in accordance with the Orders, and of course with house pricing going through the roof the value and sale price of the property was a lot more than what the Court and parties had agreed upon.

The valuer stated that the house had risen in value from $860k to $1million over the 13 months and the wife appealed the Orders made and requested they be changed so she would receive more from the husband.

The Court granted her appeal in accordance with sections 90SN and 90SM of the Family Law Act 1975 saying that at the time the orders were made the division of the assets were equal, however it was dependent on the value of the home.

 

The Court ruled that since the husband delayed the sale and the value of the house evidently went up, the previous orders were to be changed so the wife would then be able to get the correct and fair percentage and share of the assets as agreed.

 

It is not the point that the wife got the bargain to which she agreed. The point is that by reason of the husband’s default the agreed equal division of the parties’ property did not take place”

This is not legal advice, for more information regarding property matters please contact us on 8999 1800.

News & Resources