Important Aspects of Splitting Superannuation
When a couple decide to end their relationship, they must decide how they are going to divide their assets, which usually involves real estate, cars and furniture, yet in Australia it is possible to include a portion of your superannuation when agreeing on property settlement. Of course, this is something to discuss with your ex-partner, and if you come to a mutual agreement regarding the splitting of your superannuation, you should approach a family lawyer.
Legally Binding Agreement
If you approach a family lawyer that processes consent orders in Brisbane, they will draft a document to request a superannuation consent order in the family court, and neither you nor your ex-partner would have to attend the court hearing. Typically, a family lawyer would charge a fixed fee and the process would take only a few days, and with expert legal advice, you can rest assured that there will be no issues.
Trustee Approval & Consent
In order to split your superannuation with your ex-partner, you will need to request approval and consent from the Trustee of your superannuation fund, which can be done by your family lawyer, and once this has been granted, you can submit the request for a superannuation consent order.
Terms & Conditions
When a superannuation split consent order is issued, the funds would be transferred into a nominated account and can only be accessed when the recipient reaches retirement age. There are no set rules regarding the amount of superannuation to be split, and you can base it on a specific amount, or a percentage.
Seeking a Court Order
In the event you and your ex-partner cannot come to an agreement over splitting your superannuation, you can seek a court order, which would involve hiring a good family lawyer. The legal expert would help you prepare your side of the case, and this should mean a favourable outcome for you, then you can move on with your life.
Reasons for Consent Order Rejection
In some cases, the family court rejects the proposal, citing numerous reasons:
- Incorrect format – If the Registrar feels that the proposal is incorrectly formatted, it would be rejected.
- Not Just and Equitable
- Failure to follow correct protocol
- Lack of contingency clauses
If you would like to include a portion of your superannuation in a property settlement with your ex-partner and you are both in agreement, consult with an experienced family lawyer, who can guide you through the process.