What is divorce and superannuation?

0
21

Divorce in legal terms is the dissolution of marriage. It is results of marital union which happened between two partners. This also cancels the legal duties and responsibilities which evolve in the bond of marriage. Divorce leaves a greater physiological impact on the children.  Let’s understand the types of divorce.

–    Contested Divorce

As the name suggests this type of divorce case involves several issues to be heard by the Judge. This type of divorce is expensive as the participation and preparation of the lawyer is required. The payment is required each time the lawyer appears in the court. One more thing, issues can be arising from the several grounds like noncustody of the child, not agreeing on marital assets of the each partner. In such process, the litigation process takes longer than expected. There are few changes in the contested divorce which results in less advertorial approached in divorce settlements.

–    At fault divorce

It was permitted by all countries in the 1960s and it was granted on the terms of “fault”. Fault divorces are sometimes contested but they are expensive and the divorce is granted and it is not a practical approach to the divorce.

Some more queries of divorce like superannuation

At the time of divorce filing, it is also important that both parties to sort out finances and property after the separation. Some of the queries like are superannuation is included in the orders?

In the case of superannuation, it treats superannuation as the different type of property. It also lets the separating couples to value their superannuation property and split their payments. There are few options by which the superannuation can be split. These are:

–    A formal written agreement is signed which states that you and your partner instruct a lawyer to draft a certificate and also sign a certificate. This implies that independent advice on the agreement has been given

–    Always obtain consent orders to obtain superannuation.

–    Sometimes partners are being able to reach a conclusion in case of superannuation. In such cases, seek court advice for splitting it.

How to value your superannuation?

First of all, it is important to know, that there are different types of superannuation. The superannuation splitting method sets out methods for valuing most of the superannuation methods, but there are exceptions to it:

–    Hiring of an accountant – if this fund is self-managed and the splitting is done by the hiring of an expert or an accountant

–    If the funds have been valued using different method of valuation and the funds are approved by the Attorney General

What are the deciding matters of splitting superannuation?

If you and your partner have reached a consent and agreement then the application for the consent orders can be filed in the Family Court.

During the court hearing the agreement can be reached at any stage and once the agreement has been reached the court orders, it is not required to attend court further. Divorce lawyers in Brisbane New Way Lawyers are experts in the field of legal separation and divorce. New Way lawyers which are a nonprofit law firm aims to serve their clients on a nonprofit basis.

In this way, superannuation can be split in the divorce and separated couples.

LEAVE A REPLY

Please enter your comment!
Please enter your name here