Going through a separation or divorce is a stressful period in your life. You may be asking yourself who gets what, and how are assets divided fairly. In the unfortunate event that your relationship breaks down, both your and your partner’s superannuation is considered property, and like your other assets, it can be divided between partners by agreement or court order.
In this blog, we’ll share everything you need to know about splitting superannuation in divorce and how to ensure you are prepared for the future.
The first step to protect your financial future
In the early stages of divorce, it’s important to take a financial stocktake to begin protecting your financial future. Ensure you have bank accounts in your name that only you can access, and that you can log in to your financial institutions yourself, including your superannuation account. Cancel any joint credit cards to avoid debt being incurred in your name. Ensure you have your name removed from any bills, rental agreements or car loans you are no longer responsible for.
If you are unsure about your super fund details, you can use your tax file number and the myGov website to track your superannuation accounts, discover missing super and roll them into one account.
How do I find out how much super my ex-partner has?
To start with, you’ll need to calculate the total value of superannuation in the relationship, and this means you’ll need to know how much super you and your ex-partner have collectively. You are entitled to request this information from their super fund, and will need to make a request using the appropriate form which can be obtained from the Federal Circuit and Family Court of Australia, or through your lawyer. Engaging a family lawyer can relieve some of the tension and stress around this process, and the split, and will help you to have assets divided fairly.
What are the options?
There are generally three options when it comes to splitting superannuation.
- Splitting the super benefits by agreement or court order.
- Deferring the decision until a specified time or event, ie retirement.
- Each partner retains their own super, and it remains untouched when splitting assets.
Whilst these options may seem simple, it is a complex area, and to ensure you are protecting your financial future, ensure you engage a trusted family lawyer who specialises in divorce and family law. They’ll be able to guide you through your options clearly, and the best option for your situation.
Do you need help splitting superannuation in divorce and protecting your financial future?
Seton Family Lawyers are experienced and accredited family law specialists. Contact us today to book an appointment so we can help and guide you through your divorce. We settle 98% of cases outside of court and are conveniently located in Erina, NSW. Our Central Coast family law specialists can help you secure your financial future and achieve the best outcome for you and your family.
