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| Family Law ? Superannuation Changes |
| In December 2002, new family law and superannuation legislation came into effect, which allows superannuation interests to be split between separating couples as part of their property settlement. |
Splitting Superannuation
Until now, superannuation assets were not ?splittable? in the event of a marriage breakdown. Allowing superannuation assets to be split will give greater flexibility to the property settlement process and potentially help reduce the expenses arising from the sale of large assets.
In the event of the breakdown of your marriage either you or your spouse can request information from the trustees about your superannuation account. Certain conditions must however be met before the requested information can be disclosed. The trustee can be disclosed. The trustees must not disclose to the other party to the marriage that such a request has been made.
A split may only be affected by formal agreement between you and your spouse or by court order resulting from Family court proceedings to which both you and your spouse are a party. This means that your account cannot be split without your knowledge. In addition, the trustees must, within a certain period, notify both you and your spouse that it has been served with such an agreement or court order.
Sometimes there will be significant tax savings. We can help in this complex area.
22nd-October-2003 |
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