When a couple decide to separate, there are usually assets that must be divided, which might come in the form of real estate, vehicles, furniture and other possessions. While a person’s superannuation is not considered an asset, it is possible to include the splitting of a person’s superannuation as part of the joint asset division. This split could be a specific amount, E.g. $100,000, or it could take the form of a percentage, E.g. 50%, whichever both parties prefer, and it should be understood that superannuation splitting does not allow for one party to receive a lump sum of money, rather the portion of superannuation is transferred to the person’s nominated account but cannot be used until retirement age is reached.
Binding Legal Agreement
In the event that you and your ex-partner are in complete agreement over how your superannuation should be divided, you can both enter into a legally binding agreement. It should be noted that in order to do this, you must obtain approval and consent from the superannuation fund Trustee – something that a family lawyer can help you with. Furthermore, both parties must have their lawyers sign the agreement to state that their client fully understands the terms and conditions of the agreement in question. An experienced family lawyer will have Consent Orders in superannuation processed very quickly and with the minimum of inconvenience.
Knowing the Value of your Superannuation
With the help of a family lawyer, you can submit a superannuation information request form to discover the value of your superannuation, which will help you to come to an agreement with your ex-partner. If you would like some expert legal advice regarding superannuation splitting, a Google search will reveal the whereabouts of an established family law firm, and you can reap the benefits of expert advice and assistance. In many cases, a superannuation split consent order can be obtained without either party having to attend court, which is why you should seek the services of a family lawyer.
Seeking a Superannuation Consent Order
The consent order means that both parties are in agreement over the proposed superannuation split and with all the documents in place, the consent order would be put to the family court and within a very short time, everything is legal.
If you are currently discussing asset division with your ex-partner and superannuation could be a part of the settlement, simply Google a good family lawyer and they will advise you accordingly.