By Andrew Banna, a Principal of Matthews Folbigg, in our Family Law Group.
Superannuation falls within the scope of property under the Family Law Act. Upon the breakdown of a relationship, the superannuation splitting laws provide for the possibility for your superannuation to be divided between you and your ex partner as part of your property settlement with a separation lawyer. However, as superannuation is held on trust, different rules apply to how this type of property can be divided. Dividing your superannuation will not automatically turn the interest into cash that you can take home with you, rather, the interest will remain subject to the laws of superannuation. The options available to the non-member spouse that is receiving the split include:
- Leaving the super benefit in the member’s super fund in their own name
- Rolling over or transferring the super benefit to another fund
- Apply for the benefit to be released to them if you have reached the conditions of your retirement