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Superannuation – What’s Mine is Mine

What is superannuation? Superannuation is a compulsory system of placing a minimum percentage of your income into a fund to support your financial needs in retirement. Your super is invested in a range of assets to help grow your balance so you can have the best possible retirement outcome. Unfortunately not in family law.  Superannuation […]

Superannuation – What’s Mine is Mine

Superannuation – What’s Mine is Mine

By Aylward Game - Oct 9, 2014 Family Law Blog

What is superannuation?

Superannuation is a compulsory system of placing a minimum percentage of your income into a fund to support your financial needs in retirement. Your super is invested in a range of assets to help grow your balance so you can have the best possible retirement outcome.

Unfortunately not in family law.  Superannuation is now an asset to be considered with all other assets when people separate.  It forms part of the matrimonial pool of assets.

Working with a superannuation lawyer to gain early access to your superannuation fund can be an effective way of doing precisely that. Superannuation lawyers In Brisbane, such as those at Super Claims Australia, offer their specialised expertise to build you a strong case in various types of claims.

Below are four types of cases that a superannuation Lawyer can help you with:

1. Disability Insurance Claims
2. Life Insurance Claims
3. Disability Claims Litigation
4. Income Protection (TTD)

Superannuation Lawyers may be subject to a splitting order.

What is a “splitting order”?

The Court has the power to divide the superannuation entitlements into a superannuation lawyers fund.  If a splitting order is made a party will obtain an interest in the other party’s superannuation fund and that interest then becomes the owner of such party.  The fund is split so that a party retains a certain part of the fund and the other party then is given their own interest in that fund.  That interest can then be rolled out into a party’s own superannuation fund if such party wishes.

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AGS

The splitting can occur by either:

1. An order being made by the Court

  • The parties agreeing to such splitting in consent orders
  • The parties agree to a splitting of a superannuation fund in a Financial Agreement

2. A party can only draw down on such superannuation funds upon their retirement or if they come within the provisions of hardship which allows payments out of superannuation funds.

For detailed information,  call 1800 217 217 or talk with our Experienced Lawyers.