For most people, a relationship breakdown is an extremely stressful and emotional time. The thought of making important life-changing decisions can be overwhelming.
As your financial adviser, we can provide you with the knowledge and guidance to help you feel more confident about the decisions you make about your financial future.
Our advice in conjunction with your legal adviser can guide you through the process by:
- determining whether your superannuation can be split
- helping you complete the request for information documents
- interpreting the valuation information
- identifying exempt withdrawals
- interpreting splitting instructions issued by the court
- letting you know of any obligations you may have towards the super fund.
As your financial advisor, we can also assess the impact on your overall financial situation and provide a recommendation about appropriate investments for your portion of the settlement. We can also provide ongoing advice regarding your super benefits and general financial position.
Family law and superannuation:
what you need to know
When a marriage or de facto relationship breaks down, it can be a stressful time and the task of separating finances can often add to the pressure. Getting the right advice can help you make the tough financial decisions about your assets and superannuation.
Whenever there is a change to your financial situation, a review of your financial plan is necessary – even more so when a complicated matter like splitting superannuation is involved.
What is the first step?
Get expert advice
When a marriage or de facto relationship breaks down, many couples choose to separate their finances by going through a property settlement. In this process, getting financial and legal advice is essential.
Your property and possessions
A property settlement is the legal process of dividing a couple’s assets when they become separated or divorced. Assets may include the family home, investment properties, ownership in a business, valuables, investments and savings. A property settlement can be reached by mutual agreement, or where an agreement can’t be made, the court can determine the settlement.
Superannuation is also included as an asset that can be divided as part of a property settlement. All or part of a superannuation benefit can be transferred from one spouse to the other. This also applies to de facto couples (including same sex relationships) living together on a genuine domestic basis and relationships registered under particular State or Territory Laws. Couples have the option of drawing up a financial agreement on how superannuation is to be divided. This can be made at any time during the relationship.
What parts of super can be split?
Superannuation benefits (both accumulation and defined benefits), allocated pensions, complying pensions and annuities can all be split in a divorce or de facto relationship breakdown. Accounts with a balance of less than $5,000 cannot be split under Family Law.