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Superannuation Splitting

Superannuation is considered property in family law. However, it is often treated separately as it is held in a superannuation trust. A division of superannuation funds is known as a “super split”.

Superannuation can be split by entering into either:
  1. Consent Orders, or an order of the Federal Circuit and Family Court of Australia; or
  2. A Financial Agreement.
To determine how the superannuation should be divided between the parties, both parties must first determine the most updated values of their respective superannuation. The splitting of the superannuation would depends on various factors, such as the length of the relationship or marriage.

If you and your ex-spouse have a self-managed superannuation fund (SMSF) under your names, the same applies. You still need to ascertain the value of the SMSF to divide the funds.

For a free 20 minutes consultation with one of our experienced lawyers, contact us today

Frequently Asked Questions

There are two ways for you to legally formalise an agreement with your ex-spouse for property matters. Both have the same legal effect, meaning once this is formalised, if either of you breach the order or agreement, you can bring this to Court.

Consent Order
Consent Orders are filed in the Court. A Judicial Registrar of the Court will have to review and approve, that is to stamp a seal of approval, on the document. It will only be sealed by the Court if the property settlement is considered to be fair and reasonable.
Consent Orders can include both parenting and property matters.
You and your ex-spouse can prepare Consent Orders by yourselves without needed lawyers to advise you on them.

Financial Agreements
Financial Agreements, also known as Binding Financial Agreements (BFAs), is basically a contract between you and your ex-spouse. It does not need to be considered fair and reasonable by the Court.
Financial Agreements can only include property matters.
You and your ex-spouse need to seek independent legal advice on each end to advise you on the Financial Agreement.

There is no fixed method to value a SMSF. The individual assets and liabilities of the fund need to be assessed to determine the value of the SMSF.
The financial accounts showing the member’s benefits at the end of the year is a good starting point, however the financial accounts may not include assets at their market value. These assets (e.g. real properties, shares) need to be valued individually.