Superannuation can be split by entering into either:
- Consent Orders, or an order of the Federal Circuit and Family Court of Australia; or
- A Financial Agreement.
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.
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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 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, 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.
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.