Splitting of Superannuation Entitlements soon to be available to separating Western Australian De Facto Couples
De Facto couples in Western Australia may soon be able to split their superannuation following separation!
In family law property settlement matters, superannuation is treated as an resource of the parties and accordingly, it is taken into consideration when dividing property.
Under the current legislation, Western Australia is the only state in Australia where separated de facto couples cannot split their superannuation entitlements by way of resolving their property settlement.
The Honourable Christian Porter announced amendments to the Family Law Act 1975 on 25 October 2018 to allow for super splitting for Western Australian de facto couples which will mean that Western Australian de facto couples will now be able to split their superannuation. This will be significant for those de facto couples in Western Australia where significant wealth is held by way of a superannuation entitlement by one partner.
It is important however that you seek legal advice prior to entering into any agreement to split superannuation.
For more information about the proposed changes and how they may affect you, contact one of our dedicated family lawyers on (08) 9325 8675 today.