28 Jun Superannuation – how much do they have?
The superannuation guarantee in Australia means that for many employed Australians, superannuation interests will accrue even where their other personal assets and financial resources may not.
As a result, it’s not uncommon for us to see a client facing a separation where the other parties’ superannuation interest is the major asset of the relationship. This usually occurs where one party has maintained full time employment throughout the relationship whilst the other party has not, whether by reason of becoming carer of children at home or otherwise.
Superannuation is an asset capable of adjustment in a family law property settlement, with splitting of a superannuation interest occurring in accordance with a Binding Financial Agreement or Order of the Court. To know whether a superannuation split is worth pursuing in your family law settlement in Gold Coast, you will first need to ascertain the value of the other parties’ interest.
If that information is not provided by the other party upon request (and in defiance of their obligations of full and frank disclosure), or should you not yet wish to alert the other party to your enquiries, you are able to complete and submit a Form 6 Declaration accompanying a Superannuation Information Request Form. These documents can be found on the Family Court of Australia website and are referred to generally as the ‘Superannuation Information Kit’.
Provided you meet the eligibility criteria outlined on the Form 6 Declaration, the Trustee of the relevant superannuation fund will return the completed Information Request Form to you providing a valuation of the interest at the relevant date. The member of the plan subject of the request will not be notified of your request.
You can also complete the request for your own superannuation interests, if necessary.
Once you are aware of the value of the superannuation interests, you can receive further advice and make an informed decision on how to proceed.