Under the Family Law Act superannuation is treated as property and is able to be divided in a property settlement.
Superannuation can either be retained by the member spouse or split between both spouses.
A request for information on a member spouse’s superannuation interest can be made by either spouse. The person requesting the information must declare the information is needed following a relationship separation and is needed to help with superannuation agreement negotiations. This request is made by way of a “Family Law Declaration and Request for Information Form”.
On receipt of a Court Order or superannuation agreement the Superannuation Fund Trustee will proceed to split the “member spouse’s” account. This split does not result in a “cashing out” of the member entitlement but “rolling it over” into the other spouse’s member fund.
It is essential that superannuation is considered in a property settlement and that you obtain Specialist Family Law advice. For a fixed cost initial appointment contact us on (07) 3221 4300.