Divorce is a legal process that terminates a marriage. When a married couple decides to divorce, they must go through the courts to have their marriage legally ended. At the same time as getting a divorce, the parties can divide their assets, including any superannuation. Superannuation is a type of retirement savings plan that is available to employees in Australia. Superannuation is included in a matrimonial (and de facto) property pool.
Under Australian law, superannuation can be split between divorcing spouses (this also applies to de facto couples). This means that each spouse can receive a portion of the other spouse’s superannuation as part of the property settlement. The decision on how to split the superannuation is either made by consent outside of court or it will be made by an order of the court, taking into account the financial resources of each spouse and their retirement age and other factors outlined in the Family Law Act.
If you’re considering divorce, it’s important to get legal advice to find out how the superannuation will be divided. The laws around superannuation splitting are complex, and you want to make sure you understand all your options before making any decisions. Another important factor to consider is retirement age. If one spouse is nearing retirement, that may impact how the superannuation is divided.
Ultimately, the goal is to ensure that both spouses have the financial resources they need to live comfortably in retirement. With careful planning and legal advice, you can ensure that your superannuation is divided fairly in a divorce (or in a de facto property settlement). If you are considering divorce, make sure to get all the facts about how superannuation will be divided so you can make the best decisions for your future.