Many people come to us with questions about superannuation such as :
1. How do I figure out how much superannuation she/he has?
2. How do I read his/her superannuation statement?
3. What amount of superannuation am I entitled to?
4. Can I access my superannuation before retirement?
Superannuation are very important and often overlooked as people often say “well, I can’t access it now anyways” or “I don’t know how to get his/her super.”
Firstly, when trying to figure out how much superannuation someone has, the first step is to ask for disclosure. If the other person refuses to provide you with disclosure, we can talk to you about the steps you can take to require them to show you what they have.
Once you have a copy of their superannuation statement, you have a few options. Some superannuation statements clearly state the amount held in the superannuation account. Other superannuation statements have a series of numbers and it is often unclear as to how much superannuation you have at this exact moment. This is where you might require a superannuation valuation. Superannuation valuations can also come in handy where you want superannuation valued at a certain date (for example, the date of separation or the date of commencement of the relationship).
Once you know how much superannuation you each have, you may want to do a superannuation transfer or a superannuation “split”, also known as superannuation splitting. To do this, you need to seek permission from the superannuation company (and provide them with procedural fairness) by proposing the amount you are wanting to split, showing them the sample order you will seek from the Court and then seek that order from the Court.
This process can be quite lengthy if you do not understand what you are supposed to do, who you are supposed to contact or what wording you need to use in an order. We are able to assist you with the process, ensure you follow the regulations and assist you in obtaining orders that cover not only superannuation but other property/financial or parenting/custody matters.
Finally, we are often asked if people can withdraw monies from superannuation before they retire. There are some circumstances such as financial hardship or compassionate circumstances where you may be able to access your superannuation monies early. We recommend that you obtain financial and legal advice before trying to access your superannuation monies as well as ensuring that any property settlement you are seeking meets your needs and expectations.
If you have questions about superannuation or would like assistance with your family law matter, please do not hesitate to contact us to obtain further information and advice.
Claire Naidu & Co, Lawyers and Mediators – for family law advice on superannuation, super splitting and property settlements, contact us – click here for our contact details.