SUPERANNUATION AGREEMENT

Superannuation has become an increasingly important component of family wealth in Australia especially because for most people it’s now compulsory.

The Family Law Act 1975 (amended March 2009) allows all separating couples, married, defacto and same sex, to divide their superannuation, just like any other asset.

Separating couples have two options when dividing their superannuation interests.

• By Superannuation Agreement , or
• By Court order.

A Superannuation Agreement is a written agreement, which complies with Part VIII B of the Family Law Act 1975 that provides for the payment splitting of a superannuation interest.

Most commonly used after the relationship has ended superannuation agreements can be used to flag an interest during or even before entering the relationship.

While the main effect of a Superannuation agreement is to prevent either party making an application to the Family Court for the division of superannuation assets. The aim of introducing Superannuation Agreements is to encourage all couples to agree about how to divide their Super in the event of, or following, separation. However if the couple cannot agree on how to divide their Super a court has the power to issue a court order to split the super as part of a property settlement.

Important note: Under the Family Law Act this agreement is binding only when it is signed by both parties and contains a certificate confirming that each party has obtained independent legal advice prior to signing the agreement. For more information on legal advice See our Doc Review Service

Reaching an amicable agreement about your superannuation offers many advantages;

• You get to make your own choices
• you significantly reduce the financial and emotional costs of taking the matter to court and
• you are able to move forward with your life without the strain of ongoing court proceedings.

Professionally drafted and formatted for your convenience, this Superannuation Agreement Kit is available for immediate download as an MS Word and Adobe pdf template.

Simply insert the correct information in the appropriate fields and go to print.

Sample Document Excerpt

 

The Superannuation Agreement Kit includes:

• The Superannuation Agreement
• Easy-to-follow instruction manual and
• Sample agreement
• Friendly customer support
• plus Bonus Legal Will Kit.
  

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