Is Superannuation Considered an Asset in a Separation?
Going through a divorce or separation can be difficult, especially if it’s with a long-term partner. Employing the services of a skilled family lawyer can help make the process easier, but it’s worth thinking carefully about exactly what’s going to happen to your assets when you separate.
Some assets are easy to split. Things like jointly owned properties, family cars and joint bank accounts usually belong to both partners and will be split accordingly. However, things like superannuation are often overlooked.
In this article we’ll have a quick look at how your super will be split in the event of a separation. Does it belong to you, or should you be prepared to share it?
Will My Super Be Split When I Separate?
One of the most common questions that we get asked is whether or not someone is going to have to share their superannuation savings with their former partner in the event of a divorce or separation. There isn’t a simple answer – it really depends on your situation.
In some cases, super can be divided between two former partners, while in others it won’t be. There are four things that you can do or be forced to do, including:
