You are act for Zack (55 years old) in relation to all financial matters between himself and his wife, Penny (43 years old). Zack instructs you that: They are both in good health. He is Chartered Accountant and currently earns $180K p.a gross Penny, who initially worked in a beauty salon, has not worked their marriage They commenced cohabitation in 2002 They married in 2006 They separated in August 2018, under the one roof and remain living in the matrimonial home They lived initially in Zack's Kensington home until its sale in early 2008 Zack sold the Kensington home in late 2010 and used the proceeds of sale together with a mortgage of $500K to purchase the matrimonial home, at Randwick The matrimonial home is registered in his sole name Zack's twin sons (now aged 16 years of age) lived with them Penny and Zack have 2 children, Mary currently aged 13 years and Sam, currently aged 9 years. At the commencement of cohabitation, Zack owned net assets valued $650K including superannuation and Penny owned net assets including super of $[5000] being: Description Ownership Estimated value Kensington home Zack $500,000 ABC Super Fund Zack $100,000 Mercedes Zack $30,000 Shares Zack $20,000 Furniture & household contents Zack $10,000 Personal effects Penny Negligible Beauty Super Penny $5,000 Personal Loan for holiday Penny ($10,000) Zack traded in his Mercedes in 2012 and using the proceeds of sale of his shares In early 2015, Penny received $350,000 from her his father's estate. Penny utilized her inheritance as follows: $200,000 of her inheritance towards the mortgage; $100,000 to purchase her Mercedes $50,000 on family holidays In 2018, Zack traded in his 2012 BMW and purchased a newer model Zack and Penny currently have the following assets and liabilities:

Description Ownership Estimated value Randwick home Zack $2,500,000 ABC Super (accumulation) Zack $350,000 2018 BMW Zack $100,000 2016 Mercedes Penny $75,000 Beauty Super (accumulation) Penny $20,000 Mortgage (Randwick) Zack (300,000) During their relationship Zack met all mortgage repayments, rates and utility bills and other expenses except for groceries which Penny paid for while she was working. Until Penny stopped working, Zack hired a weekly cleaner and a nanny to look after the twins until they started school. After Penny stopped working, she was the primary caregiver for the children and Zack assisted her in this role when he was not working the weekly cleaner attended to household chores Penny cooked during the week and Zack cooked on weekends They went grocery shopping together 1/fortnight and otherwise either Zack or Penny shopped for any other item, as necessary

Specifically referring to the facts and relevant law, advise Zack about the approach that a court is likely to adopt in determining his entitlement to a property settlement and the orders that a court is likely to make.