Superannuation entitlements are classified as an ‘asset’ between married couples and therefore form part of Court orders for the alteration of property interests made by consent or as a determination of a judicial officer.
In December 2002 the Family Law Superannuation (Regulations) Act 2001 and associated regulations commenced operation. The laws allow couples to transfer superannuation entitlements held by one spouse to the other spouse’s superannuation fund, therefore “splitting” the interest held by one spouse. Sometimes it is not possible to ‘transfer’ entitlements but they can be flagged until it is possible to provide them to the other spouse depending on the superannuation fund’s own regulations.
Some couples who separated and obtained splitting orders before December 2002, cannot implement those orders due to deficiencies with the drafting of the orders. We can assist you to replace the old Orders with new ones that can be implemented.
We can also advise you as to the appropriate splitting orders in the event that you are separating from your spouse.