Our Ipswich-based team services clients Australia-wide
Navigating the end of a relationship brings many challenges, not least of which is the division of assets, including superannuation.
Understanding and managing superannuation splitting is essential for both parties to ensure a fair and secure financial future.
At Stanford Legal, our team are highly experienced in superannuation splitting cases.
We provide an empathetic, personalised service that educates and empowers you, ensuring you move forward with confidence and your best interests at heart.
We offer free initial consultations to help give you a better understanding of the legal options available to you.
How does superannuation splitting work?
- Under The Family Law Act 1975 (Cth), superannuation is treated as a property that can be divided between parties when a relationship ends.
- This is facilitated through a legal mechanism known as superannuation splitting, which allows superannuation to be split by Binding Financial Agreement (BFA) or consent order.
- If an agreement cannot be reached, a party may apply to the court for a superannuation splitting order as part of the property settlement process.
- Once an agreement is reached or a court order is made, the superannuation fund is notified and the superannuation interests are divided according to the terms specified.
Situations where a Family Lawyer can help with superannuation splitting
While you don’t need a lawyer to implement superannuation splitting with your former partner, doing this on your own can be risky.
The complexity of family and superannuation laws, the potential for overlooking legal and financial nuances, and the intricacies involved in accurately valuing and dividing superannuation interests can lead to outcomes that may not be in your best interest.
A skilled family lawyer ensures that the process is handled correctly, fairly, and in a way that safeguards your rights and financial well-being.
Situations where it’s advisable to employ legal assistance include:
- When there is a disagreement on how the superannuation should be split
- If one party lacks an understanding of the couple’s financial situation
- Complex financial portfolios that include various types of superannuation funds (e.g., retail, industry, SMSFs)
- High-value superannuation interests
- When one or both parties have overseas superannuation accounts
- If superannuation splitting is just one part of a broader property settlement
If you want to learn more about your options, book your free initial consultation on 07 3703 1801 or via our online contact form today.
How we can help with the superannuation splitting process
Personalised legal advice
Our approach begins with understanding your unique situation. We offer personalised legal advice that considers your financial landscape, future needs, and the specifics of your superannuation funds. Our goal is to empower you with knowledge, enabling informed decisions about your superannuation interests.
Accurate valuation of superannuation interests
We work closely with financial experts to accurately value superannuation interests, considering factors like the type of fund, contributions, and growth projections. This ensures a fair and equitable basis for negotiation and division.
Negotiation and agreement
Our lawyers are skilled negotiators who strive to reach amicable agreements on superannuation splitting outside of court. Whether you need mediation, arbitration or family dispute resolution assistance, we facilitate discussions, propose fair solutions, and draft agreements that reflect your best interests and legal entitlements.
Court representation
If negotiations do not produce an agreement, our experienced family lawyers are prepared to represent you in court. We’ll present a compelling case on your behalf, advocating for a superannuation division that aligns with legal standards and your financial well-being.
Implementation and compliance
Once an agreement is reached or a court order is obtained, we oversee the implementation process, ensuring that the superannuation fund complies with the terms. Our team handles the necessary documentation and communication with the superannuation fund to effectuate the splitting order.
Book your free initial consultation today
Do you want to approach your superannuation splitting negotiations with confidence?
If so, book your free initial consultation today on 07 3703 1801 or via our online contact form.
Let us empower you with the knowledge and support needed to secure your financial future, ensuring a fair and equitable outcome.
Frequently Asked Questions
Can superannuation be divided between partners without going to court in Australia?
Yes, in Australia, superannuation can be divided between partners without going to court. This can be achieved through a financial agreement that both parties enter into voluntarily or through a superannuation agreement specifically related to the division of superannuation interests. Both types of agreements require both parties to receive independent legal advice and for the agreement to be in writing. If partners can reach an amicable agreement on the division of superannuation, they can avoid the court process, making the division more straightforward and less costly.
What factors are considered when determining how superannuation is split?
Several factors are considered when determining how superannuation is split between separating or divorcing couples in Australia, including:
- The duration of the relationship or marriage.
- The contributions made by each party to the superannuation fund(s), including both financial contributions and non-financial contributions such as homemaking and parenting.
- The current value of the superannuation interests and any potential for future growth.
- The age and health of each party.
- The need to support any children from the relationship.
- Any agreements previously made by the parties about the division of their superannuation.
The overall asset division and financial settlement between the parties, ensuring that the superannuation split is just and equitable in the context of the total property settlement.
What role does mediation play in superannuation splitting cases?
Mediation plays a significant role in superannuation splitting cases by providing a platform for separating couples to negotiate and reach an agreement on the division of superannuation assets outside the court system. Mediation offers a less adversarial approach, allowing both parties to discuss and consider each other’s needs and perspectives with the guidance of a neutral mediator. This process can lead to a more amicable resolution that satisfies both parties, potentially saving time, reducing legal costs, and minimising stress. If an agreement is reached through mediation, it can then be formalised through a financial agreement or consent orders without needing a court hearing.
How long does the superannuation splitting process typically take in Australia?
The duration of the superannuation splitting process in Australia can vary significantly depending on several factors, including whether the parties reach an agreement amicably or if the matter requires court intervention. If both parties agree on the division of superannuation and can formalise their agreement through a financial agreement or consent orders relatively quickly, the process can be completed within a few months. However, if the matter is contested and requires court intervention, the process can take a year or more, depending on the complexity of the case, the workload of the courts, and the availability of the required information about the superannuation interests.
