6 Comments Family & de facto law, financial agreements, consent orders
Super splits can be tricky as the clause which effects the split generally needs to be in court approved consent orders or in a binding financial agreement. The clause itself will (generally) need to be approved by the trustee of the superannuation fund otherwise the trustees can choose to ignore the clause/agreement altogether.
The proposed orders need to be approved by the trustees of the fund (because they will have to follow them).
My orders were made by the Court and include a super split - my solicitor had already sent proposed wording to super fund and handed up documents including their response during the hearing. The judge noted in her decision that the trustees of the fund had been afforded procedural fairness (ie given an opportunity to comment).
Once the orders were made the split itself was easy - I called up my fund to find out what info they needed, then got it from my ex and sent to them. The split was actioned within about a week.
Irl, I would get legal advice before proceeding with anything, just so you are absolutely sure of what you are legally entitled to.
Splitting super is a complex process, and some super accounts can't be split while in the payment phase. It's a rareified section of the law, and includes having the Super valued before the split. For example my husband's super had to be valued before we attended mediation - we had no idea about this and just took the Members Statement as the value. But after auditing it was found to be worth $80,000 more than the statement, taking into account interest etc. It was a shock to both of us and if I had just accepted a lump sum payment from him it would not have been wise. It's a bother going through lawyers, but if it is a substantial amount it's worth doing.