SUPER ANNUATION OR PENSION AFTER DIVORCE
Edwards Family Lawyers can assist you with property settlement, including but
not limited to pensions, retirement funds and superannuation.
What Happens to my Superannuation or Pension After Divorce/Separation?
When parties separate or divorce, a major consideration will be the division of assets. Many people who seek legal advice on property settlement issues after the breakdown of their relationship or marriage are often unaware that superannuation, retirement or pension funds, whether held in Australia or overseas, could be considered an asset and be subject to Australian splitting Orders or other types of splitting or sharing Orders obtained overseas.
Whether a Court treats a party’s super or pension interest as an asset within the pool of assets to be divided, or merely as a future financial resource of a party, will depend on the specific nature and characteristics of that interest, which can have a significant impact on a party’s Court proceedings or property settlement.
It is therefore imperative that you get the right legal and financial advice about aspects of a superannuation or pension interest you may have. Different considerations apply to interests that are accumulation funds or defined benefit funds; whether they are in the growth phase or pension phase; and the accessibility of those funds as a lump sum, partial lump sum, or as a pension.
Additional complications will arise if your interest is an overseas superannuation or pension fund such as a fund held in the UK. These include looking at the appropriate valuation methods to be applied and the selection of a suitable expert; the treatment of tax in potentially two different countries; the particular rules of the fund; and the laws applicable to the fund in the other country that affect the implementation of any super splitting or pension sharing arrangement; or perhaps canvassing the possibility of transferring the interest (from say the UK) to Australia.
By way of example, careful consideration must be had to obtaining the right expert advice for English and UK citizens and expatriates living in Australia who have English pension funds and the manner in which English or UK pension sharing Orders may be obtained in Australia and implemented in the United Kingdom.
Some US retirement funds allow benefits to be accessed on bases other than in retirement, hardship or death. In that instance, the method of access and the resulting double taxation consequences and existing international treaties between the US and Australia needs careful consideration.
If you have superannuation or pension interests in Australia or overseas and would like further advice, please contact us.
Divorce & Separation
Expert divorce lawyers
When married couples separate, there is only one ground for the grant of a Divorce Order, and that is the irretrievable breakdown of the marriage. This is established by the parties being separated for a minimum of 12 months. In some circumstances, parties can be living under the same roof and still be able to establish this ground.
Expert property settlement lawyers
Edwards Family Lawyers can assist you and your spouse/partner to come to an agreement in relation to all financial matters and issues arising from the breakdown of a relationship, including the division of all assets and liabilities, spouse maintenance payments, superannuation splitting orders and child support departure Orders.
Negotiation & Resolution
Expert negotiation and resolution lawyers
Opportunities for negotiation and settlement exist not only before proceedings are commenced, but also after proceedings have been commenced and right up until the time that the Court finally hears and determines the matter. Parties can settle a matter at any time.
Parenting & Children
Parenting and Children Family Lawyers
The best interests of the children is the paramount consideration when determining the most appropriate and suitable arrangements for the children after a separation. At Edwards Family Lawyers, we encourage our clients to participate in the counselling or mediation services available to assist them to reach an agreement with their spouse/former partner
Edwards Family Lawyers offer Mediation Services to assist parties to engage in effective dispute resolution. Our Principal, Frances Edwards, has extensive experience in negotiating settlements in both parenting and property matters, and is a National Accredited Mediator and member of LEADR and IAMA.
De Facto Lawyers
De Facto couples (including same sex couples) who separate after 1 March 2009 have the same rights as married couples. The rights and obligations of couples upon the breakdown of a Marriage or De Facto relationship are now all governed by the Family Law Act 1975. De Facto couples who separated prior to 1 March 2009 are still covered by the old State legislation
Our Family Lawyers are here to help
We navigate legal issues for our clients with empathy and a deep understanding of the associated stresses and implications. We can help you, like we have helped many clients in Sydney.
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Edwards Family Lawyers is committed to providing expert advice on all areas of Family Law following the breakdown of your marriage or de facto relationship, including same-sex relationships.
Liability limited by a scheme approved under Professional Standards Legislation
We acknowledge the Cammeraygal and Gadigal people being the traditional owners of the land on which we work and their elders past and present.