Super Splitting
Your super
If your super is being split, your partner will be asked where their part of your super should be paid.
Your partner’s super
If your partner’s super is split, you’ll have the following choices when the super becomes available:
- transfer the money to your existing super account, or
- take the super as cash if you’re eligible for a cash payment.
Some funds, such as Defined Benefit Funds, may be subject to different rules. It’s best if you check with your super fund to see what rules apply.
Things you can do after a divorce or separation
Going through a relationship breakdown can be mentally and emotionally taxing as it is. Sorting out the household finances and legalities, as well as adjusting to your new situation, can add to the struggle. Your finances are a significant part of that, so here are a few key things you can do to stay on top of it.
1. Assess your financial situation
The first step is to get a clear picture of your financial situation. Gather information about your financial situation, such as :
- assets like property, bank accounts or super balances
- debts like credit cards, mortgages or other loans
- income like salary, government assistance or pensions (if applicable)
- expenses like bills, recurring fees, groceries or other financial commitments
- upcoming changes to your circumstances like employment status or any once-off expenses
2. Consider getting financial advice
Making important decisions can be overwhelming. A financial adviser can provide you with knowledge and guidance to help you feel more confident about the decisions you make. It’s important to be aware that financial advice which is more complex and takes into account your personal circumstances might involve a fee.
Amongst other things, you can ask financial advisers for advice about your super. They can:
- discuss your options around splitting your assets (including super)
- help you understand the impact on any future super contributions
- advise on how best to handle any super payments you may receive
3. Get legal help
Consider getting legal advice. A lawyer can help you understand your rights and obligations resulting from any family law proceedings, including by representing you in court if necessary.