So you have separated or divorced and have begun your property settlement. Do you have to include your superannuation in the property pool? Does your ex-partner have a right to access your super even though you can’t access it yourself?
In most cases where you are not at the minimum retirement age (55-60) and there has been no incapacity, severe financial hardship, compassionate grounds or terminal medical condition, superannuation and is not property as it cannot be accessed or spent by the member spouse.
When we are dealing with the division of assets post separation we need to look to the Family Law Act. Part VIIIB has been amended so that a spouse party’s superannuation interest is treated as if it were property and there are specific Regulations that prescribe how such superannuation interests are to be valued. This means that in any family law property division (whether between married or de facto couples), a party’s superannuation interest must be identified and valued and is capable of being added to the property pool.
Our Family Law Team at Corney & Lind, has written more on this topic. Read our article “Family Law – My Super is excluded Right?” here. Alternatively you can visit out website for more Family Law, Property and Parenting resources.
At Corney & Lind Lawyers, we can advise and assist in this important process to ensure the superannuation split takes place in a family law property division. Please contact one of our Business Development Officers to arrange an initial appointment to discuss further on (07) 3252 0011 or to find out how we can help you through the process.