When a relationship comes to an end, whether a marriage or de facto relationship, the two parties must come to an amicable arrangement regarding the division of joint assets. This would include property, vehicles and furniture, but not normally include superannuation, however, it is possible to split a person’s superannuation and that can become part of an asset division arrangement agreed to by both parties.
One way to split a person’s superannuation is if both parties are in agreement, then they can enter into a binding legal agreement, and each party must have a signature from a lawyer that states the person has received legal advice regarding the superannuation split.
In the event you and your former partner cannot come to an agreement over a superannuation split, there are family lawyers that handle consent orders, and an online search would help you to locate a local family law firm. Your lawyer can create an application for consent orders that are filed in the family court, and the case will be heard in you and your former partner’s absence.
It should be noted that if one party of the relationship agrees to their former partner receiving a share of their superannuation, this is not given as a cash lump sum, rather the funds are transferred to an account nominated by the person, but cannot be accessed until retirement age is reached.
Revealing Financial Status
When two people are going to enter into a binding agreement regarding the division of joint assets, according to law, they must both reveal their financial status to each other. The amount agreed upon could be a lump sum figure, say $100,000, or it could be a percentage, say 50% of the superannuation, and this is something to be agreed upon by both parties.
Consult a Family Lawyer
If you are in the process of separating from your partner and one of you wishes to use their superannuation as part of the asset division, you need to seek out the help of an experienced family lawyer, who would be able to offer you sound legal advice.
Obtaining a Superannuation Splitting Order
Aside from both parties agreeing to the superannuation split, it is necessary to obtain approval and consent from the Trustee of the superannuation fund. In the event the Trustee’s approval and consent is not obtained, the family court will not make the consent order.
In order to divide your superannuation with a former partner, you will need to seek the legal advice of an experienced family lawyer.