property settlement overseas assets

IN FAMILY LAW DIVISION SUPERANNUATION IS TREATED AS PROPERTY – HOW IS SUPERANNUATION CONSIDERED AND DEALT WITH IN A FAMILY LAW PROPERTY SETTLEMENT?

Have you separated from your partner and concerned about whether you can retain your superannuation in a family law property settlement?

Superannuation is an important part of life in later years. You work hard all your life to earn and save so that you can be comfortable in retirement. In a family law division superannuation can feature very prominently, especially where it may be the only significant asset. What happens to your (or your partners) superannuation if your separate? Will he or she take it leaving you with nothing for your future? Can you get a portion so that your have funds to rely on?

Contact our Brisbane Family Lawyers and Family Lawyers North Brisbane  if you wish to know how in a family law division superannuation will be considered by the Court and your  likely outcome for property division. Please also feel free to call us direct (Ph. 3506 3651). You are also welcome to read on now to learn more…

When a marriage or de facto relationship breaks down property can be divided between the parties.

Superannuation is treated as property under the Family Law Act 1975 but it differs from other types of property because it is not immediately accessible and is essentially held in a trust until it is eligible for release to an entitled party. See Part VIIIB of the Family Law Act 1975.

Superannuation splitting laws in the Family Law Act 1975 allow superannuation entitlements to be divided between eligible parties when a relationship breaks down.

Under the superannuation splitting laws, certain authorised agreements or an order of the Court can be made to split a superannuation entitlement.

This means that, as and when, a payment from a superannuation interest becomes payable to the primary superannuation account holder who is the member spouse (usually because a condition of release has been met, such as retirement from the paid workforce) a certain amount will be paid to the previous partner or non-member spouse and the remainder will be paid to the member spouse.

Generally, payment splitting does not create a new superannuation interest for the non-member spouse. However, if there is an authorised payment splitting agreement or order in effect on a superannuation interest, the splitting laws may permit the creation of a new interest for the non-member spouse. In some circumstances (depending upon the type of superannuation benefit or provider) a transfer or roll-out of benefits for the non-member spouse to another fund may be permitted.

If you are thinking of obtaining a divorce or require assistance or advice in relation to a family law division superannuation treatment or parenting matters, you are welcome to contact our experienced Brisbane Family Lawyers or Family Lawyers North Brisbane at LGM Family Law.

Our friendly and knowledgeable team of Family Lawyers Brisbane are here to help and offer a free initial call. when you are welcome to put some questions that concern you to us. You are also welcome to call us direct (Ph. 3506 3651) or go online to book a fixed-fee initial consultation with us for more detailed advice tailored to your circumstances.

No matter your situation, we will assist you to resolve your family law issues and leave you free to get on with life!

For more information and resources on divorce and Family Law matters, visit our page here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances such as that provided in a personal consultation with LGM Family Law.