What's happening?
Superannuation is generally treated as a type of property that can be considered as part of a family law property settlement, even though it isn't accessible like other assets until retirement. Superannuation can be split between parties, subject to the same general considerations as other property.
Splitting superannuation involves specific procedural requirements, including obtaining information from the relevant superannuation fund and, where an agreement is reached, documenting the split correctly.
What could it mean for me?
- Superannuation can be split even though it isn't a cash asset
- Fund-specific procedural requirements apply and can affect timing
- A split super interest generally remains in superannuation until the receiving party can access it under superannuation law
- Valuing certain types of super interests can require specific information from the fund
What are my options?
- Negotiate a superannuation split as part of an overall property settlement
- Seek information from the relevant fund about the member's interest
- Formalise a super split through consent orders or a financial agreement
What happens next?
- Identify all superannuation interests held by each party
- Obtain relevant information from the superannuation fund(s)
- Negotiate how superannuation will be treated within the overall settlement
- Prepare documentation to formalise any agreed split
How can MGE Lawyers help?
We help clients understand how superannuation may be treated in their property settlement and coordinate the steps needed to formalise a split correctly.
This can include liaising with superannuation funds and preparing the documentation required for orders or an agreement.