Rachael and Lance were married for 23 years, raising three children to adulthood before eventually drifting apart. In 2017, they mutually decided to separate, agreeing that once the children had left home, they would sell the family house and divide their superannuation fairly between them. Despite the separation, Rachael and Lance maintained a strong sense of trust and respect for one another. They sold the family home, paid off some joint debts, and equally divided the proceeds.
When it came time to buy new homes, they encountered a challenge: lenders required either a court order or a Binding Financial Agreement (BFA) to ensure that neither party could make further claims. Additionally, Lance’s superannuation fund insisted on the same requirement before transferring $200,000 of his superannuation to Rachael.
Both Rachael and Lance were dismayed to learn that obtaining a court order or BFA could cost nearly $10,000, even though they had already agreed on the terms and simply wanted to move forward with their lives. The unexpected cost added frustration to an already emotional process, as both were eager to start afresh.
Fortunately, Rachael discovered a more efficient and affordable solution through RP Emery.
Instead of paying $10,000, Rachael downloaded RP Emery’s BFA Superannuation Splitting kit, which included provisions for property settlement and superannuation splitting. Together, they completed their draft agreement in just a few hours on a Saturday afternoon. The ease of the process brought them a sense of relief, knowing they had found a way to resolve things quickly. They then used RP Emery’s legal review and support service, finalising everything for less than $3,000.
Thanks to the support they received from RP Emery, Rachael and Lance were able to secure loans for their new homes and split their superannuation in a matter of weeks, not months. The simplicity and affordability of RP Emery’s service allowed them to move on with their lives smoothly and amicably, without the added burden of a lengthy legal process.
Now living independently, both Rachael and Lance are grateful they could resolve their separation so efficiently, avoiding stress and unnecessary costs.
Disclaimer: While this case study reflects a common scenario based on real customer experiences, names and details have been changed and paraphrased for privacy.