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 law passed by the Federal Government back in September 2021, granted greater transparency and visibility of superannuation assets in family law proceedings. The law allows a party 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.
The change was designed to create greater fairness for couples dividing their assets in a just and equitable way. It reduces the time, cost and complexity of parties seeking information about their former partner’s superannuation.