Event and Time
Event Description
This case involves an application for final property settlement orders between Mr. Cirillo (“the husband”) and Ms. Cirillo (“the wife”). The parties agreed to divide their net assets equally, with discussions centered on adjustments and "add backs" to account for funds transferred to Country H over the years. The property pool includes various assets such as the former matrimonial home, commercial properties, and overseas real estate.
Application and Claims
- Wife's Claims:
- Sought a 55% share of the net assets, emphasizing several "add backs" including funds transferred to Country H.
- Husband's Claims:
- Opposed the wife's claim for a higher percentage and contested the existence and justification of the proposed add backs.
Judicial Decisions
- The court decided to order a division of property where the wife would receive the former matrimonial home and most overseas real estate assets, while the husband retained interests in commercial properties and overseas companies.
- A cash payment was ordered from the husband to the wife to facilitate an equal distribution of assets.
Dispute Points and Legal Basis
Dispute Points
- Claims of Add Backs:
- The wife proposed that several financial transfers to Country H needed to be counted as add backs in their net asset division.
- Proceeds from the LL Property Sale:
- Dispute over how to treat proceeds from the sale of LL Property (sold for $78.1 million) in calculating their net assets.
- Valuation of Overseas Assets: