Superannuation is treated as property for the purpose of a property settlement. Superannuation splitting laws allow superannuation to be divided when a relationship breaks down. If either party to a marriage or de facto relationship has superannuation, it may be split upon separation, though the payment is not able to be made until the member spouse (the spouse with the superannuation fund) is able to access it. This is usually when the member spouse retires. Payment splitting does not create a new superannuation interest for the non-member spouse.
Splitting superannuation also does not convert superannuation into a cash asset. It is still subject to superannuation laws and usually cannot be accessed until the recipient reaches retirement age save in the case where hardship is established.
There are different types of superannuation. Family law legislation sets out methods for valuing most types of superannuation. However, there are exceptions, such as self-managed superannuation funds, that are generally valued with the assistance of an expert such as an accountant.
At Calley Rajah Family Lawyers, we can provide you with the expertise needed to manage the complexities of superannuation splitting so you can receive the best possible outcome.