Superannuation is treated as a special type of property in family law matters and because while it is an interest that you currently have, it is not available to you until you retire.
After separating, you can agree to split your super interests to your former partner (or vice versa), and how this is done depends very much on the type of super interest you (or your ex) have.
The most common types of superannuation interests include:
- accumulation funds – these are the majority of your retail super funds;
- defined benefit funds – including CSS, PSS and Military Super schemes;
- Self-Managed Superfunds (SMSFs).
Due to the special rules and laws for super funds, splitting super after separation must be done by a Court Order or a signed agreement (either a Binding Financial Agreement or a Superannuation Agreement).
Although super can be a technical and confusing, documenting your agreement for splitting super can be relatively simple. If you have agreed on how you want to split your super, you can get Court Orders through an Application for Consent Orders using Forward>> through our website.
If you have an SMSF, you should seek advice before documenting your agreement to ensure that the orders are enforceable for your SMSF.
For more information about your superannuation and how best to split it after separation, give us a call here. Our lawyers can discuss your needs and goals with you and help you finalise your settlement agreements quickly and cost-effectively.