Let’s face it, superannuation is likely to be one of your largest financial assets alongside your home. Yet it may be overlooked during divorce proceedings.
Understandably, most couples don’t plan for divorce, but if it happens to you, it’s important that you and your former partner have fair and equitable rights to splitting assets equally.
Superannuation should be considered in the asset evaluation. Ignoring superannuation can have serious financial disadvantages in the long term.
A new law passed by the Federal Government on 2 September 2021, will see greater transparency and visibility of superannuation assets in family law proceedings.
Coming into effect from the 1 April 2022, the new law allows a party to family law proceedings to apply to the Family Court registry to request superannuation information about their former partner from the Australian Taxation Office (ATO). The ATO will then release the superannuation information to the Family Court registry for use by the parties and their lawyers in the proceedings.
This change strives to create greater fairness for couples dividing their property in a just and equitable way. It reduces the time, cost and complexity of parties seeking information about their former partner’s superannuation.