Superannuation is treated as property under the Family Law Act. However, it is treated differently to other types of property such as real estate. Any division of superannuation is subject to the superannuation laws. What this means is that you will not be able to convert the superannuation into a cash asset. You will still have to meet the standard criteria for funds to be released to you, such as reaching the age of retirement.
It is necessary to obtain information from the superannuation fund to determine the value of the superannuation. This information is obtained by completing a Form 6 and Superannuation Information Request Form and sending the completed forms to the superannuation fund with the required fee.
Where superannuation forms part of a family law property settlement, the proposed superannuation splitting order needs to be submitted to the superannuation fund for their approval. The superannuation fund is given 28 days to review the draft superannuation splitting order and request amendments.
Upon Orders being made, a certified copy of the Orders are provided to the superannuation fund. The superannuation fund then processes the payment split. If you need advice or assistance please contact one of our Family Law team
This article was published on 20/09/22 and the information is valid only to the date of publishing. This article should be considered merely general and non-specific on the subject matter and is not and should not be considered or relied on as legal, advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.