The Family Law Act defines superannuation as property, therefore it can be divided in a property settlement after separation.
This can happen if you have entered into a Binding Financial Agreement with your former partner, or have a Court Order.
Before determining how superannuation is to be split it is important to determine the value of the superannuation fund. You or your former partner can request information regarding value directly from the trustee of the fund by completing these documents, “Superannuation Information Request Form” and a “Form 6 Declaration”. When requesting this information you should let the fund know the information is needed following a separation to help with negotiating an agreement or Court Orders recording a property division.
A defined benefit superannuation fund balance recorded on the statement of the fund may not reflect the true value of the fund. These funds usually need to be independently valued by a forensic accountant to determine the true value.
Once the trustee has received a Court Order or an agreement in writing they are able to split the member’s fund. The split will not result in a cash payment to the other party but rather be rolled over into their superannuation fund.
It is always a good idea to obtain specialist family law advice after separation so that you receive all you are entitled to including superannuation.
