If you’re going through a relationship breakdown, or you’re considering your options for separation, you’ll no doubt have many questions about how your assets will be split between you and your former partner.
In particular, one area that we’ve found causes much confusion is superannuation.
We asked the MDL Family Law team to put together the answers to three of the most frequently asked questions regarding splitting superannuation.
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1) How does the law apply to splitting superannuation?
The Family Court of Australia explains how superannuation is considered an entirely different type of property than other assets in the eyes of the law.
It is important to remember that even when you split superannuation, you will not be able to be access the funds until you reach retirement age, unless granted permission by the Fund.
You and your former partner can come to an agreement about superannuation splitting with the help of a lawyer.
2) What are the different ways I can settle superannuation splitting?
There are three ways that you can settle a superannuation agreement:
- You and your partner come to an agreement and enter into a Binding Financial Agreement. A BFA is a formal written agreement that must be signed by each of the parties and their independent legal advisors.
- Enter into a consent order. The benefit of seeking a consent order to split superannuation is that the orders can be made without you needing to actually attend court.
- Seek a court order. Lastly, if you and your partner cannot reach an agreement, you should seek a court order to split superannuation.
3) How will my superannuation be valued during separation?
There are many different kinds of superannuation, and valuation will vary depending on the type in question. Because valuation of some superannuation interests can be very complicated, seeking help from a lawyer is advised.
Superannuation splitting can be a complex process, but McCarthy Durie Lawyers can help. Our family law experts can assist you to understand which splitting method is best for your circumstances. Contact us today on 3370 5100 or fill out the contact form here to discuss your options.