OK, so now we know you need a lesbian separation agreement with super splitting provisions. If so, read on…
Separating from a long term partner is rarely easy.
For lesbian couples, the amendments to the Family Law Act may change the way you need to deal with the financial ramifications of separating.
If you have been together a long time, you may have built up an asset and/or debt pool that is now treated in the eyes of the law in the same way as married couples.
This means that if you do not settle property matters upon separation, then you leave the door open for either partner to make a claim on the other at a future time.
But you can stop this from happening by implementing a financial or separation agreement. A separation agreement allows you to settle once and for all, any or all financial matters between you. You can stipulate how you will divide up any assets and liabilities – essentially tying up any loose ends.
Our lawyers drafted the following agreement specifically for a separated couples 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. $40,000). This amount should be transferred or rolled over to the other party’s super fund. Simply use 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 and living together under the one roof. So you can still take care of the property settlement issues and live under the same roof.
Choose from industry or SMSF Fund – Just $Buy De Facto Separation Financial Agreement inc Super Split 90UD - Instant Download
Buy De Facto Separation Financial Agreement inc SMSF Super Split 90UD - Instant Download