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Applicant ordered to pay $639,398 equalization payment and $45,000 in costs following trial.
Following a trial on the equalization of net family property, the parties were unable to agree on the final equalization payment and costs.
The court determined that the applicant owed the respondent an equalization payment of $639,398, rejecting her argument regarding a bank account balance based on an Agreed Statement of Facts.
The court found the respondent was the more successful party but noted both parties behaved unreasonably during the litigation.
The applicant was ordered to pay the respondent $45,000 in costs.
The court determined the parties' net family properties by resolving disputes over international real estate, family loans, and business interests.
The Applicant Wife and Respondent Husband sought equalization of net family property following their separation after 29 years of marriage.
The court addressed several contentious issues, including the treatment of a joint bank account, the classification and exclusion of properties (Gaomei and Gaoshi) as matrimonial homes or gifts/inheritances, the validity of claimed debts (Wife's debt to her mother, Husband's debt to his sister, and car loan), and the equalization of a family business.
The court made specific findings on each asset and liability, emphasizing the need for clear, convincing, and cogent evidence for deductions and exclusions, and the intention behind financial transfers from parents to adult children.
