Superannuation - What's Mine is Mine

Unfortunately not in family law.  Superannuation is now an asset to be considered with all other assets when people separate.  It forms part of the matrimonial pool of assets.

Superannuation Lawyers may be subject to a splitting order.

What is a “splitting order”?

The Court has the power to divide the superannuation entitlements in a superannuation lawyers fund.  If a splitting order is made a party will obtain an interest in the other party’s superannuation fund and that interest then becomes the owner of such party.  The fund is split so that a party retains a certain part of the fund and the other party then is given their own interest in that fund.  That interest can then be rolled out into a party’s own superannuation fund if such party wishes.

The splitting can occur by either:

1. An order being made by the Court

• The parties agreeing to such splitting in consent orders
• The parties agree to a splitting of a superannuation fund in a Financial Agreement

2. A party can only draw down on such superannuation funds upon their retirement or if they come within the provisions of hardship which allows payments out of superannuation funds.

How super works

Super is money for your retirement. The money stays in a super fund and is invested so it can earn interest and grow.

Your employer must pay 9.5% of what you earn into your super fund if you are:

paid more than $450 per month
over 18 and work more than 30 hours a week
Super funds may also provide you with insurance for a fee. This will help your family with some money if you pass away or are too sick to work.

Find out more about how super works.

Aylward Game Solicitors Brisbane are a modern and dynamic firm of Brisbane Solicitors and Brisbane Family Lawyers who are strongly committed to traditional professional values of the legal practice in Australia. The legal force Aylward Game Solicitors Brisbane, and their collective lawyers will harness nearly 80 cumulative years of experience

For detailed information, visit familylaw.aylwardgame.com.au or call 1800 217 217.

Article Source: Superannuation Australia