Superannuation splitting, as the title suggests, enables parties to divide their superannuation following the breakdown of their relationship.
Superannuation is considered property under the Family Law Act. As such, it can be divided between separating parties.
How to go about superannuation splitting
Parties are able to reach an agreement concerning superannuation splitting. Where parties cannot agree, they are entitled to go to Court to seek orders with respect to superannuation splitting.
Either way, superannuation can only be divided if there is a valid Binding Financial Agreement or Consent Order for property settlement in place.
The Trustees of a superannuation fund will not recognise or implement any informal agreement between parties as to division of superannuation. The Trustees will only recognise and be bound by formal documents (Consent Order or Financial Agreement).
The Family Law Act with respect to superannuation splitting applies to both married couples and de facto couples.
Superannuation will be split on the basis of fairness and equity. You will generally require legal advice and assistance with respect to the superannuation splitting order that is appropriate.
Our experienced team of family lawyers in our Adelaide or Modbury offices are available to confidentially discuss your matter. Contact us today to talk to one of our family law specialists.
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Our team of experienced family lawyers can help with all matters relating to the breakdown of a de facto relationship including separation, parenting/children’s issues, property division, superannuation splitting, spousal maintenance, property preservation orders and other orders, please contact us today.
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