Splitting Superannuation in Divorce
From a Family Law perspective, Superannuation is considered to be property which can be divided between a couple who have separated. This relates to all Superannuation Funds including accumulation funds, defined benefit funds and self-managed superannuation funds.
Whilst not always the case, the usual procedure for splitting superannuation in divorce (particularly in long relationships) is for the parties’ combined superannuation entitlements to be equally divided. It is important to be aware that unless a person meet their superannuation funds’ requirements of age, retirement and the like for withdrawal of funds, any superannuation entitlements obtained as a result of a Family Law settlement cannot be accessed until that party meets the requirements of the Superannuation Fund.
Our firm consists of the best family lawyers and they can assist you in this complicated area of Family law including:
- Liaising with trustees of superannuation funds
- Discussing taxation implications
- Discussing implications for Self-Managed Superannuation Funds, particularly where real estate and multiple members are involved
- Providing you with advice regarding the benefits and disadvantages of a superannuation split occurring in light of your personal situation and other alternatives.
As you can see splitting super in divorce is bound by many superannuation splitting laws and rules. We are experienced in helping clients getting the best outcome from this situation. contact us today to get practical and immediate help.