Superannuation – What’s Mine is Mine
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.
Superannuation may be subject to a splitting order.
What is a “splitting order”?
The Court has power to divide the superannuation entitlements in a superannuation 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 ownership 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.
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, visit familylaw.aylwardgame.com.au or call 1800 217 217 .