Your super in divorce

CareSuper

Your super could be one of your biggest financial assets — and like any asset, it can be divided between you and your partner in a divorce or separation. When you get to the financial nitty-gritty, you’ll need to fully disclose your super balance in your pool of assets. It’s the same if you’re married, de facto, or in a same-sex relationship.

What you can claim

Your relationship is unique, and couples rarely split their financial assets in a 50/50 split. This is because walking away with what you brought into the relationship isn’t always fair. Plus, you and your partner may have different needs, financial goals and responsibilities after you separate.

Assess your financial situation

When preparing your settlement — whether voluntarily or by Court Order — you’ll need to list all your assets and liabilities, jointly and individually. In other words, you’ll need to put all your financial assets on the table, including your super. This means calculating the total value of your super, as well as what’s in your spouse’s account. You’ll also need to look at how much you’ve contributed to the relationship, both financially and non-financially.

What you’ve contributed to the relationship

Financial:

• Income
• Super
• Bank accounts
• Investments
• Property
• Vehicles
• Debts and liabilities, such as loans, mortgages and credit card debt.

Non-financial:

• Taking care of your children
• Custody arrangements
• Education and career. Will you be able to work after the separation?

Need more ideas? Have a look at this Divorce and separation financial checklist.

Your Super options

Before you make a decision

When deciding what to do with your super, we recommend seeking independent advice. You should speak with a licenced financial planner before making any decisions about splitting or flagging your super. You should also speak with a family lawyer about how the Family Law Act can affect your particular circumstances, and to help draft your official documentation.

Get Super advice at no extra cost

Going through a divorce is tough, emotionally and financially. That’s why we’re here to provide you with super-related advice over the phone — it’s included in your membership.*

If your finances are more broad than just super, you can also get in touch with a specialist planner who can help.

We’re here to help

For more information, read our Super and family law fact sheet, or request a call-back.

To learn more about CareSuper visit caresuper.com.au

*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.
This information is general advice only and does not take into account your particular financial needs, circumstances or objectives. You should consider your own investment objectives, financial situation and needs and read the appropriate Product Disclosure Statement and Target Market Determination before making an investment decision. You may also wish to consult a licensed financial adviser.   
  
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725.