Our Australian family law specialists have drafted this agreement specifically for couple who have divorced but still need to deal with splitting superannuation.
It includes all of the normal provisions or clauses you will find in our 90D binding financial agreement with the addition of clauses for splitting superannuation interests. These extra provisions contain detailed instructions for the super fund trustee, so they know how the couple wish to divide their superannuation entitlements.
If this sounds like the financial agreement you’re looking for, read on…
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 as such 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.
Our lawyers 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. $20,000).
Its worthwhile noting that any amount transferred will be rolled over to the other party’s super fund.
If you are splitting superannuation entitlements and need a few pointers, please feel free to call us on 1800 608 088.