When separating from a partner with significantly different superannuation balances, it may be necessary to obtain ‘superannuation splitting orders’.
This involves asking the Court to transfer an agreed sum from one party’s superannuation fund to the other party’s fund. This can be done by agreement, known as ‘by consent’, by filing an Application for Consent Orders with the Federal Circuit and Family Court of Australia.
Before seeking a superannuation splitting order, approval for the order needs to be obtained from the fund that will transfer the money. This process ensures procedural fairness, giving the fund an opportunity to object to the order if necessary.
In most cases, super funds approve proposed superannuation splitting orders, provided there are sufficient funds available in the account. However, the wording of the orders is crucial, and it’s recommended to have a solicitorexperienced in family law draft them.
It’s important to note that the funds obtained through a superannuation split cannot be accessed directly. They must be deposited into your own superannuation fund or a new fund set up in your name with the fund from which the money is coming
When separating from a partner with significantly different superannuation balances, it may be necessary to obtain ‘superannuation splitting orders’.
