Many factors need to be considered when your relationship with your husband or de facto breaks down. One important task is to determine how the property of the relationship is going to be split. We have discussed this generally in previous blogs and today I will speak specifically about superannuation.
Superannuation is handled like any other property in a property settlement. In most matters, parties will agree on a percentage split where a share of that party’s superannuation is transferred to the other. It doesn’t matter whether the funds being split belong to the same or to a different fund.
Once agreed either party’s lawyer will contact the relevant fund and outline the nature of the split and the orders they are seeking. This gives the fund the opportunity to provide any input into the court order and is required to ensure procedural fairness. Each fund operates differently and has different rules about what you can and cannot do.
Not every matter involves a superannuation split. It also depends on the rest of the settlement negotiations and what each party is seeking; in some instances it isn’t required.
Please contact our office if you wish to discuss this further and/or your property settlement generally and we would be happy to assist you.