OK – so now we know you need an agreement for lesbian separation including super splitting.
Breaking up is never easy. When you’ve built a life together over a number of years, sorting out the financial implications of the separation can make matters more complicated.
Financial agreements are a tool you can use to arrange your property settlement between yourselves, privately. You do not need to enter the court system, and this will reduce your emotional and financial stress during a difficult time.
It allows you to set down in writing how you will divide the assets and liabilities accumulated during your relationship, so each party can move on, secure in the knowledge that these issues have been dealt with properly and formally.
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 possible for a couple to be separated and still living under the same roof. This can occur for various reasons, for example, so the couple can still provide care for dependant children, or moving out just isn’t a viable financial alternative. The Family Court Act recognises this situation which means you can still put an agreement in place even if you are still living under the same roof.
This agreement kit complies with Section 205ZP of the Family Court Act WA and includes:-