OK – so now we know you need a de facto separation agreement including super split agreement.
Breaking up is rarely easy and many aspects of your life can be affected by the split, including your financial security.
Even though de facto couples are not required by law to formally document the end of the relationship, it’s a good idea to tie up loose ends.
If you don’t put your arrangements in writing, you can 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 separation or financial agreement allows you to finalise all matters of a financial nature, including spousal maintenance, superannuation and the division of property. It provides peace of mind and allows you to move on with your life, knowing that the details have been taken care of.
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 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 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 agreement kit complies with Section 205 of the Family Court Act and includes provisions for superannuation splitting. It consists of:-