Splitting Superannuation 1
Overview
Superannuation is an important aspect of financial planning, especially in family law matters. When couples separate or divorce, the division of superannuation assets can be a complex and sensitive issue. This article provides an overview of splitting superannuation in Australia.
How Superannuation is Treated in Family Law
Superannuation is considered a type of property under the Family Law Act 1975. This means that it can be divided between separating couples as part of their property settlement. The court may make orders for superannuation splitting to achieve a fair and equitable division of assets.
Superannuation Splitting Orders
Superannuation splitting orders allow for the transfer of a portion of one party’s superannuation to the other party’s superannuation fund. This can be done by agreement or by court order. It is essential to seek legal advice to understand the implications of superannuation splitting orders.
Factors Considered in Superannuation Splitting
When determining how superannuation should be split, the court considers various factors, including the value of the superannuation, the contributions made by each party, and the future needs of the parties.
FAQs
1. Can superannuation be split before retirement age?
Yes, superannuation can be split between parties even if they have not reached retirement age. The court can make orders for the splitting of superannuation assets at any stage of the proceedings.
2. Will I lose access to my superannuation if it is split?
Splitting superannuation does not mean losing access to your superannuation. The portion that is transferred to the other party’s fund will be earmarked for their benefit, but you will still have access to the remaining balance in your fund.
3. Do I need a lawyer to assist with superannuation splitting?
It is highly recommended to seek the advice of a family law lawyer experienced in superannuation splitting. A lawyer can help you understand your rights, obligations, and the implications of any superannuation splitting orders.
Contact Wright Street Lawyers for Assistance
If you are dealing with superannuation splitting or any other family law matter, Wright Street Lawyers in Adelaide are here to help. Our experienced team specialises in family law, estate planning, probate, and criminal defense. Contact us today for client-focused legal advice and representation.
Wright Street Lawyers
Location: Adelaide, South Australia
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