Are you in the middle of a separation or divorce, and failing to reach an agreement with your partner? When it comes to property division, it is important to know exactly what you are dealing with. Depending on the property itself, different rules and measures will be applied.
Superannuation – What Is It?
Superannuation is treated as property under the Family Law Act 1975 – but because it is held in a trust, it differs from other types of property. When a relationship breaks down, superannuation splitting laws allow superannuation to be divided. The questions of how this is done our covered by the Family Law Superannuation Regulations 2001. These set out three things:
- the methods of valuing superannuation interests,
- the way in which the payment split is to be put into effect, and
- the information that the trustees have to provide.
The interest rate is not set in stone. That is why each financial year, the Australian Government Actuary makes a Family Law Superannuation (Interest Rate for Adjustment Period) Determination. This is to provide the method to calculate the interest rate for the adjustment of a base amount for some payment splits of some interests under the superannuation splitting laws.
Under Family Law Superannuation Regulations 2001, an agreement or court order to split superannuation is actually an agreement or order for payment splitting. If the former partners agree to a superannuation split, there is no need for valuing the superannuation assets. However, the method outlined in the Family Law Superannuation Regulations 2001 may provide an independent means of valuing the asset.
Contact Us Today
If you are confused about your options regarding superannuation, we at Withstand Lawyers offer superannuation consulting services so you are fully informed about what your rights are, as well as your options. We can also prepare valuations of defined benefit accounts, as well as accumulation accounts and interests in the growth phase and the payment phase.
Our family law specialists believe that the more complex the matter is, the simpler it can be explained. Don’t worry if you don’t a day in law training: we are here to help you understand what your circumstances are, and we will offer you concrete advice depending on your specific situation.
Call Withstand Lawyers at any time at 1800 644 541, email us at email@example.com or send an online inquiry. Based in offices in Sydney, Parramatta and Brisbane, as well as the possibility of meeting our clients in Blacktown, Bankstown, Campbeltown, Central Coast, North Shore, Penrith and Wollongong. Arrange a meeting now, and we will offer you free consultation on your superannuation split and the next steps to be taken.