A financial agreement allows you to settle property matters between yourselves, without the need to enter the court system.
OK, so we know that you need a gay male separation agreement with super splitting agreement.
Ending a long term relationship is never easy and there can be much emotional and financial fallout as the couple negotiate the separation process.
By law, de facto couples are not required to formally document the end of the relationship – you can just divide any assets or property between yourselves and move on with your life.
However, such arrangements leave the door wide open for either party to make a future application to the family court for financial orders, essentially taking a second bite of the cherry.
Our lawyers drafted the following agreement specifically for a separated de facto couple who need to include super splitting in their property settlement.
It includes all of the normal provisions or clauses you will find in our 90UD binding financial agreement with the addition of clauses that deal with the splitting of superannuation assets. These extra clauses detail your instructions to the super fund trustee about how the couple wish to divide their superannuation entitlements.
Superannuation is special kind of asset which falls under superannuation laws like the SIS Act (Superannuation Industry Supervision Act). Payments made from one party to the other must be retained in an “approved deposit fund” until retirement age and therefore are not available as cash.
You may have one or more funds you wish to split, but generally people will only split one fund as it can get somewhat complicated and expensive if you are trying to coordinate more than one fund and trustee.
We’ve drafted this document to make dealing with the superannuation splitting component of your agreement as painless as possible. You can express how you wish to divide the funds, either as a percentage (eg. 60%/40%), or a nominated sum (eg. $60,000). This amount should be transferred or rolled over to the other party’s super fund. Simply select one of the two document templates provided in this kit.
It’s useful to know that even though most separated couples live apart in separate residences, the Act does provide for a couple to be classed as separated while still living together under the one roof. This means you can still take care of the property settlement issues and live under the same roof.
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