There are many couples that decide to incorporate one partner’s superannuation into their property settlement, which can be used to balance out an asset division, and in order to do this, you are advised to seek the help of an experienced family lawyer, who can guide you through the complex process.
How Does a Superannuation Consent Order Work?
If both parties are in agreement about using one party’s superannuation in a property settlement, they can enter into a legally binding agreement that details the asset division, including a portion of one party’s superannuation. The first thing to do would be to value your superannuation, which can usually be done via a website, then you need to submit a superannuation information request form to your superannuation fund Trustee, and when this is approved and consented to, you can submit your superannuation consent order to the family court.
Conditions of the Superannuation Consent Order
When you use your superannuation as part of a property settlement, your ex-partner would nominate a bank account and the funds would be transferred, however, the recipient cannot access these funds until they reach retirement age. The settlement could be based on a specific amount, e.g. $100,000, or it could be a percentage and there are no restrictions regarding how much superannuation is given. There are family lawyers that process consent orders in Melbourne and they have fixed fees, regardless of the amount of work, plus they have a lot of experience in this specialist field of law.
There are strict protocols to follow when applying for superannuation consent order, and there are numerous reasons why a request might be rejected. If, for example, the agreement was poorly worded, the family court might reject it and request the wording be changed, or if the Registrar feels that the agreement is not just or equitable, or even due to a lack of contingency clauses. If you hire a good family lawyer, he or she will ensure that all documentation complies with the family court protocol.
If you would like to consult with an established family lawyer, search online for a local family law firm and they would be able to guide you through the process and with fixed fees and quick processing, your property settlement will be complete and you can look to the future. First you should sit down with your ex-partner and try to come to a property settlement, then you can contact a family lawyer who will guide you through the process.