What is a superannuation split?
During a divorce or separation, a property settlement looks over the combined assets and liabilities of both parties. In general terms, superannuation (super) is considered to be property, as it is treated as an asset. Hence, super is part of the property settlement agreement. This means that both spouses super is taken into consideration during the property pool calculation.
The splitting of the super can be done as an agreement between two parties or by a court order, in the same way as other assets are split. Every super fund has different regulations and thus presents different valuations of super. During a super split, you will need to obtain information from your super fund.
Does a super split apply to me?
Super splitting laws can apply to de facto couples, married or formerly married couples. Therefore, if you have been in a de facto relationship or a marriage, and are considering separating, or have separated recently, then your super may be treated as an asset and thus included in the property settlement agreement.
It is important to note that as your marital circumstances change, it is vital that you review your beneficiary nomination for your super. This can be altered at any time you wish to change your beneficiary. You can contact your industry super fund for more details and information.
What about self-managed super funds?
If you have a self-managed super fund, trustees of the fund will need to be taken into consideration during the split, as you hold an obligation and responsibilities to the trustees. If your spouse is a trustee of your self-managed super fund, splitting the super can become a little complicated, and it may be best to obtain legal advice.
Should I seek legal advice about my super?
If you and your partner have decided to separate or are considering separating, you may consider seeking legal advice in regards to the split of your super. You can contact Grace Family + Collaborative Law for a consultation on 1300 414 855.