First things first:
- Assess all financial assets and debts.
- Create new financial accounts in your name only.
- Cancel shared credit cards and ensure your name is removed from any shared bills or leases.
- Gather details of your super fund accounts or use your Tax File Number with myGov for account tracking.
Understanding the impact:
- Recognise that each separation is unique, with its own challenges.
- Planning both short-term and long-term is crucial during this emotionally taxing time.
- Utilise resources like the Australian Government's MoneySmart website to create a detailed financial checklist to help you manage your finances.
How divorce or separation affects super
Super is treated as property under the Family Law Act 1975 and can be divided between partners  by agreement or court order in marriage and de facto relationships.
Options for how to treat super include:
- Super can be divided by agreement or court order but remains subject to preservation laws.
- Access is restricted until a condition of release is met.
- Couples may defer the decision until a significant event like retirement.
- A flagging agreement can prevent payments until the flag is lifted.
- Other assets are divided considering the super value, but super benefits remain unchanged.
- This option may be preferred by de facto couples in Western Australia.
Splitting super is most common, involving:
- Calculating total super value.
- Seeking legal advice and reaching an agreement or obtaining a court order.
For a more comprehensive understanding
Every divorce or separation scenario is different, so the more informed you are, the better. In these circumstances, the ATO website is an invaluable resource for detailed information you can tailor to your own situation.
Taking action:
Once you've determined your best course of action, you must communicate your agreement or court order to legalsuper. To do that, contact our Client Services team for guidance and support.
Changing your name
After your divorce or separation, you may want to change your name.
Your beneficiaries
After your divorce or separation, you may want to review or change your beneficiaries.
Insurance considerations
After your divorce or separation, you may want to review your insurance.
Need more help? Contact our Client Services team
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