Superannuation Splitting
The Family Law Act allows superannuation to be divided between couples when a relationship breaks which is referred to as Superannuation Splitting.
Since the introduction of compulsory Superannuation in Australia in 1983, many Australians have accumulated considerable funds in the super. The Family Law Act provides that superannuation is classed as property, therefore when a marriage or a De Facto relationship breaks down, Superannuation can be split between the parties.
Superannuation in contrast to property, is an asset which is held in Trust by a Superannuation Fund and which has a set of laws associated with when it can be accessed. This can be complicated as there are numerous Superannuation Funds in the market, all of which have their own set of rules and regulations which change regularly. Obtaining the right advice from our Family Law Solicitors ensures you make the right decisions regarding dealing with your superannuation in your separation.
Either during your marriage, De Facto Relationship or once you agree to Separate, you and your partner can reach an agreement known as a Superannuation Agreement which describes how the Superannuation of both parties is to be split. This agreement is included in a Financial Agreement, however it is specifically for Superannuation Splitting which is influenced by special rules about Superannuation.
Provided that a Superannuation Agreement complies with the requirements of the legislation, the agreement is legally binding. Our Family Law Solicitors can advise you to ensure your agreement is in fact binding on both parties
Where the parties involved in the dispute cannot agree then the Court can make an order splitting a Superannuation interest as part of a Property Settlement.
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