The Challenge of a Small Property Pool But Large Super
The Court recently considered a case where the assets of the parties were modest including; vehicles, credit cards, and some personal loans. By contrast, the superannuation of the parties totalled almost $900,000.
Of the super amount, the husband had around $780,000 in a ‘defined benefit fund’ and a small accumulation fund. The wife had about $45,000.
The husband and the wife cohabited for approximately 12 and a half years. They had 3 children together, who lived predominately with the wife.
When they commenced their relationship, the husband already had some accumulated superannuation, the wife admitted that the husband had made a greater financial contribution. The wife argued, however, that this contribution was equaled out by her post-separation contributions, including care of the children which allowed the husband to continue working and increase his superannuation.
The Court found that the wife had contributed 45% to the husband’s superannuation interest and made an order that the wife receive a ‘super-split’ from the husband’s superannuation interest of 45% and that the wife retain her superannuation interest. Overall, this equated to a super split of 47.7% to the wife.