NSW Splitting Order for Superannuation

[Violets]

My questions relate to an "splitting Order" for Superannuation.

Is a party able to REQUEST Courts approve an Order for their own Superannuation to be split in order to pay the other party for property settlement? ie in order to retain home for children.
(BTW thankyou for the answers to my previous question - apparently just a clerical error in Orders).

AND

If Superannuation is in the 'growth phase' then is it less likely for a splitting order to be granted?

Thankyou
Violets

 

[AllForHer]

Well, yes, you can seek an order to split your superannuation as part of a property settlement, but superannuation split as a result of a property settlement is still subject to superannuation laws, so it works as a transfer from one super fund to the other and remains inaccessible until the party attains the age of retirement, currently 65.

As such, you can't really use your superannuation fund as a cash asset to pay out the other party's portion of the mortgage and keep the house, the same way you can't use superannuation to repay a mortgage.

 

[Rod]

As such, you can't really use your superannuation fund as a cash asset to pay out the other party's portion of the mortgage and keep the house, the same way you can't use superannuation to repay a mortgage.

How confident are you super works this way? I obtained access to 1/2 my super during a property split (ex got the other half) as it was all I had (claimed hardship) and bought a house. Admittedly this was ~20 years ago.

 

[AllForHer]

I am 100% confident. Super laws have changed fairly recently (in the last ten years, I think) to restrict what super can and can't be used for in terms of purchases. There was a time when it could be used to purchase vehicles and property in certain circumstances, but those times have passed.

However, I believe that if you can prove hardship, you can withdraw up to a certain amount of cash from super, but I don't believe it is enough to facilitate the purchase of a house. Don't quote me though, super laws outside of how they impact family law really isn't my field of expertise.

 

[Violets]

Thankyou for all replies. I thought as much. I have phoned my Superannuation fund but not regarding this, it was about redrawing. The ATO were INCREDIBLE in helping me calculate exactly how much I would receive from a draw down of Super and it was less than a quarter (due to taxes and other reduction in payments).
I appreciate your help!
Back to the drawing board.

Violets.

 

[sammy01]

Maybe if it were a self managed super account... But any employer super fund can't be assessed because of divorce. Rod I think that ight have been changed in 96 along with the other family law reforms John Howard brought in..