The way a couple divides their money and property after separating will depend on their individual circumstances. The overall aim should be a fair and equitable division.
Couples must take into account their assets and debts, the contributions each person has made, and each person's future needs. The contributions made by each in the capacity of homemaker and/or income earner need to be taken into consideration.
Many couples can reach agreement between themselves about how to divide their money and property. This is an informal agreement reached by the parties.
If a couple can't agree then there are other options including:
- File consent orders with the courts
- Enter into a financial agreement (which can include superannuation splitting as well as other assets, for example, the home.)
- Litigate property matters, which means the court decides.
Superannuation is treated as an asset of the relationship. This means that it should be taken into account when working out a fair and equitable division of money and property. In some situations, a fair and equitable division might include splitting one person’s superannuation entitlement between the parties. Special rules apply about how this should be done.
Another approach is where superannuation is not split, but instead other money and property in the asset pool is divided in a way that achieves a fair and equitable result, taking the superannuation into account. This is how amica treats superannuation.
The Australian Taxation Office has information on keeping track of your superannuation. This can be helpful if you have had more than one superannuation account.
How does amica treat superannuation?
The way that amica treats superannuation is that it takes your superannuation balances into account when suggesting a division of money and property; but each of you keeps their your superannuation. amica is not suitable if you want to split superannuation with your former partner.
If you would like to discuss superannuation and separation you can contact the free Legal Help Line in your state.
amica enables you to divide money and property simply, and make parenting arrangements for children. You cannot use amica to make arrangements for pets or to decide who keeps pets.