OK – so now we know you require a gay male separation agreement including super split provisions.
Once the decision to separate from your partner has been made, the next step is usually negotiating the process of dismantling the life you have built together. This includes a financial component, especially if you have been together for some time.
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.
A financial agreement allows you to formally document the division of property, whether they be assets and/or liabilities, so that you can move on without worrying about a further claim being made down the track.
Making the agreement itself is quite straight forward, as long as the partners are able to communicate directly with each other.
It’s just a matter of completing the template agreement, including your personal information where necessary and then obtaining the required legal advice. It can all be done privately without the need to enter the court system.
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 205ZP 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 you wish to divide your 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 as a nominated sum (eg. $60,000). 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 while still living together under the one roof. So you can still take care of the property settlement issues and live under the same roof.
This separation agreement is suitable for gay male couple in Western Australia who are including a superannuation split in the property settlement.