If you have recently separated, you may be wondering what happens to your superannuation. In family law matters, superannuation is treated as property that is available for distribution. This is the case regardless of whether you are married or were in a de facto relationship. To divide your superannuation is known as a superannuation split.
The main difference between splitting superannuation compared to other property is that superannuation cannot usually be accessed until retirement (unless you can meet special hardship requirements with a particular superannuation fund). The most common way of splitting superannuation is through a lump sum payment, where an amount will be transferred into a separate superannuation account.
If you wish to seek a superannuation split from your ex-partner, there are some steps you need to follow:
1. Value: You need to know how much superannuation you and your ex-partner have so you can decide how it is going to be split. There can be different methods of valuation required depending on the type of superannuation account.
2. Formalise: You must formalise the superannuation split which can be done by court orders or another form of written agreement.
3. Inform: You must inform the superannuation fund of the proposed superannuation split which is known as procedural fairness.
You should seek legal advice if you are seeking a superannuation split, especially if your matter involves a self-managed superannuation fund or an account that is already in the payment phase. You can contact McNamara Law on 1300 285 888 to receive advice tailored to your individual circumstances.
