Superannuation in the context of family law is often treated as a separate asset pool to other property interests. It is possible to split superannuation interests together with other property or alone. To effect a split of superannuation notice is required to be given to the superannuation trustee or the intended split and the trustee is provided the opportunity to response or provide input as to the proposed agreement to split the superannuation.
We provide legal advice, draft superannuation agreements and obtain court orders for separated couples in respect of separating their superannuation interests. Our advice extends to advising on how to split superannuation into a separate and stand alone superannuation trust and this can include the dissolution of SMSF.
If you are seeking to split or flag a superannuation interest, we can help you by providing advice on: –
- What is the appropriate percentage split between partners;
- How to value a superannuation interest;
- What superannuation interests does your partner hold;
- How best to split or flag superannuation – Superannuation Agreement OR Court Orders;
- What are the fees associated with a split or flagging of a superannuation interest;
- What are the taxation implications of a superannuation split – income tax / capital gains tax;
- SMSF compliance issues and resignation from the fund by one partner.
WHAT ARE THE DIFFERENT TYPES OF SUPERANNUATION INTERESTS
This is the most common type of superannuation interest. The interests in these type of benefits are based upon the contributions and earning of the superannuation fund less fees.
Defined Benefit Interest
These superannuation interests are usually held for members of the public sector. Benefits in these type of interests are provided according to a formula which normally takes into account the members length of service and final average salary.
Are a combination of both accumulation interest and defined benefit superannuation funds.
Percentage Only Interest
Is a type of pension that is paid – the value and duration of the interest is determined by the particular superannuation fund and these interests usually are required to be valued by an experienced actuary.
Self Managed Super Funds
This is a superannuation interest in which the member determines what the interest is invested in and further provides for the management of the fund.
To discuss your circumstances call on of our lawyers who will be happy to discuss and provide to you free initial advice over the telephone on 1300 388 298 OR e-mail your enquiry to email@example.com.