Ok - our lawyers drafted the following agreement specifically for a married couple who have separated but are not yet divorced.
It includes all of the normal provisions or clauses you will find in our 90C 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 a nominated sum (eg. $20,000). This amount will be transferred or rolled over to the other party’s super fund. You’ll be glad to know it’s as simple as selecting one of the two document templates provided in this kit.
Choose from industry or SMSF Fund – Just $
We recommend grabbing a copy of this Frequently Asked Questions booklet produced by the Attorney General’s Department.
The Family Law Court’s page on Superannuation splitting laws.