Financial Analysis
Simple Self-Managed Super Fund Financial Settlements with Divide
We understand that going through a property settlement can be a challenging and emotional experience. At Div-Ide, our compassionate and dedicated team of experts are here to guide and support you in achieving a fair and efficient division of assets.
Our goal is to help you split what you have in the most practical way and cost effective way, ensuring that your individual needs and wants are met.
Agreement & planning
Reach a fair agreement with your former partner regarding the division of assets, including the SMSF. This agreement can be achieved through negotiation, mediation, or, if necessary, court proceedings.
It may be necessary to update beneficiary nominations, trustee arrangements, and other administrative details to align with the post-divorce or separation arrangements.
SMSF Valuation
Obtain a professional valuation of the SMSF assets. This valuation should encompass all assets held within the SMSF, such as cash, investments, properties, and any other holdings.
The valuation will help determine current value of the SMSF, which is essential for equitable division during the divorce process.
Implamentation of Division
Once an agreement or court order is in place regarding the division of SMSF assets, take the necessary steps to implement the division.
This may involve transferring a portion of the SMSF assets to your former partner’s superannuation account, creating a new superannuation account, or other agreed-upon arrangements.
Ensure that all legal and administrative requirements are met during the implementation process.
You’re done!
Scenarios
Scenario 1: Property Division
A husband and wife agree to sell their property and distribute the proceeds equally between them. They engage Div-ide to calculate the net equity after settling the loan and any associated costs. Consent orders are drawn up professionally to formalise this agreement, specifying the distribution of funds to both couples as agreed.
Scenario 2: Shares and Cash
A separating couple holds various shares and cash. The former partners decide to divide these assets equally. They enlist the assistance of Div-ide to assess the current market value of the shares and cash. Consent orders are then drafted to outline the equitable distribution of shares and cash between the parties.
Scenario 3: Superannuation Split
Recognising the superannuation component within the SMSF, the husband and wife agree to a split based on a percentage. A chartered accountant evaluates the superannuation funds and proposes a fair division. Consent orders are prepared to document the agreed-upon split of superannuation between the parties.
Scenario 4: SMSF Dissolution
Both former partners opt to dissolve the SMSF entirely. Our chartered accountants assist in determining the total value of the SMSF assets, including property, shares, cash, and superannuation. They propose a comprehensive distribution plan, and consent orders are sought to formalise the dissolution and the fair allocation of all SMSF assets.
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