SuperannuationValuing and Splitting Superannuation entitlements
Superannuation is considered a financial asset. In the event of a divorce or de-facto separation, the superannuation funds of both parties can be valued then split as a part of the property settlement. This includes superannuation that may be in accumulation funds, industry funds, state and federal government funds, public sector funds, defined benefit funds and self-managed superannuation funds.
A superannuation split can occur either by entering into a formal written agreement, or obtaining a Court Order. Either way, determining how superannuation is shared between divorcing parties can be complicated, and drafting the necessary documentation is highly technical. This is because superannuation will not automatically be divided 50/50 between you and your former spouse or de-facto partner. Instead, your superannuation split will be determined by what is fair, given each parties’ circumstances.
Clancy & Triado’s experts in family law can advise you on the advantages and disadvantages of splitting your superannuation fund. We will also advise you on the likely split, which will take into account both family law principles and issues such as the timing of the split, taxation implications, eligibility for Centrelink, age eligibility to access funds as well as whether the split should be finalised as in a lump sum or via pension payments.
Expert Accountants & Forensic Investigators
Should it be necessary, our family layers will work with expert accountants or forensic investigators to ensure all superannuation funds are disclosed and included in the assessment of the split.
Additionally, we will liaise with trustees of various funds as necessary to finalise the superannuation split and prepare all documentation.
Our aim is to ensure your interests remain protected now and well into the future.