Superannuation Splitting Agreement, Separation and Family Law
For many Australian’s, superannuation represents quite a significant asset. As such, it needs to be considered as part of the property pool during a marital or de facto separation.
Part VIIIB of the Family Law Act allows couples to split their superannuation as part of the property restructuring process following separation, meaning super can be divided between separating couples just like any other asset. This applies to married couples as well as de facto couples, including same-sex couples.
In order to effect a super split, the trustee of a superannuation fund is empowered to act on the following documents, which detail the split:-
- a formal binding Financial Agreement or Superannuation Agreement (S.A.);
- Court Orders.
Using a Superannuation Agreement to split super
A Superannuation Agreement is an agreement made in accordance with Part VIIIB of the Family Law Act to flag or split a superannuation interest.
Your superannuation agreement must form part of a Part VIII A financial Agreement, (sect 90MH and 90MHA). In other words – the super agreement is a collection of provisions that are contained within a standard Financial agreement.
What’s the difference between a standard Financial Agreement and a Superannuation Agreement?
By using this Superannuation document, the parties agree to release their rights to apply to the court for a share of the other partner’s superannuation, in lieu of the splitting arrangements they have formalised in their Agreement.
Just like a normal Binding financial agreement, your superannuation agreement will only be binding if both partners receive independent legal advice, before signing the Agreement about:-
- The effect that the Agreement will have on their rights;
- Any advantages or disadvantages in signing the Agreement.
See more information about the legal review process and our set price service – only $3,250 covers both parties in most cases.
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The advantages of using a Superannuation Agreement
Splitting superannuation as part of your financial agreement has many benefits. It means that you stay in control of the process by making your own decisions and choices as to how your super should be split.
By making a private binding Agreement, you bypass adversarial style court proceedings which can be drawn out and costly.
If a private agreement cannot be reached about whether, or how, superannuation should be split, then it may be necessary to apply to the Court for a Court Order.
How the Process works
This section explains how our process works in detail.
A Look at What We Actually Ask
No dense legal clauses to wade through here – just plain questions about your situation, with enough detail to meet the law’s disclosure requirements and no more. Below is a look at a few sample questions from the questionnaire, so you can see how the Planner is set out.
It doesn’t matter what kind of financial agreement you need or which state you live in – the planner forms for foundation of the correct financial agreement for your situation.
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Satisfaction Guaranteed – Our Promise to You
If for any reason you are not completely satisfied with your purchase or our service, please phone our office on 1800 608 088 within seven (7) days of purchase and we will rectify the situation, issue a refund, or offer a credit towards future purchases.
Australian Law
Our Financial Agreements are drafted to comply with Australian Law
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Plain English - No Legalese. Your Financial agreement is easy to use, edit and understand