When families part ways; parties get through many legal procedures including property settlement. As per the law, superannuation interests are treated as property. It is possible to divide equally or split the superannuation interests between soon-to-be separating parties. The splitting occurs depending upon the share of property pool each party is authorized to retain.
The law permits cash superannuation only when the parties reach the retirement age, before that it is not permissible to get a cash payment. All separating families abide by the family separation laws.
Usually, in a relationship, the partner with the lower income or earnings accrues less superannuation. Similarly, in some cases, the caretaker or partner providing primary care of any kids also accrues less superannuation. Thus, the lower-earning partner can get by way of superannuation-split part of the superannuation property collected by the other party, upon separation of parties. Moreover, it may be deliberately just and equitable.
Judges pay significant attention to dividing a couple’s superannuation interests. Regarding the subject, judges cautiously give their verdict; to ensure all parties get a just and equitable outcome.
Before making the final judgment, judges consider multiple factors, that include:
- Presence or absence of any children of the separating parties from their relationship
- Impact of superannuation split on the primary caretaker of the children
- Cash requirement of the parties
- Comparison of the superannuation to the worth of the property pool
- Type of superannuation
- Age of parties at the time of separation and length of time before they reach the age of retirement to receive the super
- Check any potential tax implications
Once you agree on a superannuation split, you must ensure it occurs in the proposed manner. For that, you will have to provide the trustee of the superannuation fund procedural fairness.
Richardson Murray has the best-experienced family lawyers gold coast with proficiency in family law settlements, parenting, and other family relationship laws, including superannuation. Feel free to get assistance by contacting Richardson Murray on 5619 5933.