Superannuation splitting in amica
By including the ability to split superannuation, amica aims to simplify the property settlement process and provide couples with a comprehensive platform to manage all aspects of their separation. It promotes fairness, transparency, and financial security for individuals transitioning into the next phase of their lives.
It is important to note that this is not a cash payment but a transfer of superannuation funds from one fund to the other.
If you are going through a separation and want to explore superannuation splitting as an option, amica can be a valuable resource to guide you through the process. By leveraging the platform's new feature, you can navigate this aspect of property settlement more efficiently and ensure a fair division of your retirement savings.
Superannuation is considered an asset for division of money and property after separation. It is treated differently because it is an asset that is held on trust. To get more information about superannuation see our Money and Property page or contact your local free Legal Help Line. When there is a difference in superannuation balances users will now have the option to divide their superannuation interests. You will only be able to split one accumulation type fund that has a withdrawal benefit of more than $5,000. Dividing superannuation involves transferring a portion of your superannuation to your former partner. This is not a cash payment but a transfer of superannuation from one fund to the other, so it has different rules and a different legal process.
With this new feature, users can now agree to use a portion of their superannuation to contribute to their overall settlement, in that they can agree to offset some of the cash settlement sum as superannuation. Users can navigate the process of superannuation splitting simply and efficiently to then enable to generate an Application for Consent Orders which they can file in Court. They can access information, guidelines, and resources to understand the steps involved in dividing superannuation. This empowers them to make informed decisions and reach agreements that work best for both parties.
amica is a smart and simple online tool to guide separating couples through parenting, property and money decisions in an amicable way. It was designed by family lawyers to help guide separating couples through the process in an accurate, calm and fair way. It uses artificial intelligence which takes into account the length of the relationship, assets and earnings, age and health needs, contributions to the relationship, arrangements for taking care of children and future needs. It makes practical suggestions for parenting arrangements that suit your family situation. At the end of the process you can download a document that sets out what you’ve agreed.
Go to amica.gov.au