Cecil Black Mediation and Family Law Property Settlements Cecil Black Mediation and Family Law Mediation Services

Cecil Black Mediation and Family Law

Cecil Black has sensitively guided local and interstate families through the legal process for thirty years.

Property Settlements

Cecil Black can assist you at all stages of obtaining a property settlement.

Cecil Black Mediation and Family Law

Cecil Black has sensitively guided local and interstate families through the legal process for thirty years.

Mediation Services

We use creative problem solving in a way that you can reach your own agreement.

Superannuation

For most families, the creation and retention of superannuation is a very significant aspect of preparing for retirement.

Often the creation of superannuation during a relationship is unbalanced because predominantly, the creation of superannuation is limited to paid employment and is now paid by the employer as a specific percentage of income. Too often, one of the partners in a relationship is not able to accumulate the same amount of superannuation as the other member of the relationship due to the responsibility for the care of children, and that partner feels somewhat disadvantaged on the occurrence of a relationship breakdown.

Prior to the end of 2002, the imbalance in superannuation as between partners to a relationship, would have remained after the breakdown of the relationship in the event that the amount of property to be divided up on a relationship breakdown was non-existent or small.

There was a dramatic change in the Family Law Act on 28 December 2002 so that superannuation was thereafter treated as a form of property, and separating partners could split or flag superannuation by agreement or Court order.

There are various types of superannuation funds that form the basis of the provision for retirement, and some of those funds are created based entirely on the contributions both by the employer and in some cases the employee which are then invested and these are generally known as “accumulation funds”. Some people establish self-managed superannuation funds, and the property and income generated in those funds is on a basis similar to that of accumulation funds.

Of considerable interest also are those funds which are generally known as “defined benefit funds” which provide benefits to their members according to a formula set out in the trust deed and this formula usually takes into account the member’s length of service and final average salary.

There are some funds which are a combination of an accumulation component and defined benefit component.

Courts exercising power under the 2002 amendments to the Family Law Act can now make orders before a splitting order is made, flagging the claim by the party seeking a split. What this means is that the superannuation interest is then preserved until the Court can make a decision on how superannuation will be split.

The parties themselves can enter into a superannuation agreement, the effect of which is the same, save that it is not an order of the Court.

Once the splitting order is made, the amount due to the other party is severed from the party with the entitlement and that interest is then held by the other party either in the same fund or it can be rolled over into another fund, and the payment under that split can be dealt with by the former non-member of the fund in the same way as if the non-member had been a member of the fund. In order words, once a superannuation interest is split, the person receiving the split can deal with it as if it was always his/her own.

It is necessary in some instances to obtain a valuation of the superannuation interest and it is advantageous if the person organising the valuation has a good understanding of the interest. Cecil Black has that understanding and he can assist you in determining the value of that superannuation!

A superannuation split is very important in determining what is a just and equitable outcome because quite often, there needs to be a greater or less superannuation split to effect a just and equitable outcome. Cecil Black has the experience to be able to guide you in negotiations or if agreement can’t be reached by means of Court representation, for the best possible outcome!

The issue does not end there, because once an agreement is reached or if an application is to be made to the Court, the person preparing the agreement or drafting the documents has to do so with considerable skill because a failure to prepare the document in the correct way, could mean substantial disadvantage to the party receiving the split or the party making the split. Cecil Black is that person!

Complications also arise where one of the parties has already had a superannuation split, and great care needs to be taken to ensure that person is not further disadvantaged by a further superannuation split. Cecil Black is that person!

SERVICES


  • Get in Touch.

    Fill in the form below and one of our friendly team will be in touch with you shortly
  • Fields marked with an * are required