What can the Family Court do with my Superannuation

These days’ superannuation is a large part of everyone’s family finances. It is important to know what could happen to your super during a property settlement in the Family Court. Find out more here.

What is an eligible superannuation plan?

• A superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (Cth)

• An approved deposit fund

• A retirement savings account

• An account within the meaning of the Small Superannuation Accounts Act 1995

• An eligible annuity (a deferred or immediate annuity purchased wholly with superannuation monies)

 

What can the Family Court do with my superannuation?

When there is a marriage breakdown the parties are able to obtain orders in relation to eligible superannuation interests.

In Western Australia Superannuation is treated as property in a marriage but not in a de facto relationship. This means that the Family Court can decide on what should happen to your super during a property settlement.

 

Superannuation Splitting Laws

There are two things that the Family Court can do with your superannuation under the Superannuation Splitting Laws:

1. Order that your superannuation account be split between you and your ex (a splitting order);

2. Order your superannuation fund to not make any payments and to let the court know when a payment from your fund might need to be split in the future. This is called a flagging order. The Court will ‘flag’ your fund if it is not fair on you or your ex to immediately have your current superannuation split between you.

Normally parties ask these orders from the Court during property settlement because they fail to make a superannuation splitting agreement or a superannuation flagging agreement. Very strict requirements have to be met to make these agreements valid and binding on your fund.

 

How do I find out the value of my superannuation?

You have to disclose all information and documents that are relevant to your proceedings in the Family Court. For Superannuation this means that you must get information from your fund about what the current value of your superannuation is. You can do this by downloading and completing the Superannuation Information Form from the Family Court’s website, and giving it to your superannuation fund trustee. Normally you will have to pay your superannuation fund a fee for them to complete the form.

In Western Australia if you and your ex were a de facto couple, you are not able to obtain superannuation splitting orders but superannuation may be considered as a financial resource.

Your superannuation is your future. We can help make sure that you get the best outcome for your property settlement. Call us on 9214 3887 for help.