What Happens to My Super After a Relationship Breakdown?
When you are going through a relationship breakdown, your whole life changes. You have a lot of new decisions to make and things to sort. Whether you were married or part of a de facto couple, this can be a very rough time.
While most things get hammered out in a divorce settlement, one thing that often gets forgotten is your super. So, what happens to it after a relationship breakdown? It is treated like property and often gets divided between both parties by agreement or by court order.
There are times when super can’t be split. If your balance is less than five thousand dollars, it won’t be split. There are also times when the money goes to other uses such as compassionate grounds, severe financial hardship, death benefits, and more.
If your super gets split, it can be done in two ways:
- a specific dollar amount that will get taken out of your super account to be placed into another separate super account for the other person; or
- a specific percentage of your super balance to be paid to the other person.
However, just because the money is split does not mean that the other person can access it right away.
You should consider getting professional legal advice when it comes to family law matters and super splitting.
Contact us today to talk more about your super.