Dec 20, 2016
When pursuing a Family Law property settlement, we need to get an idea of the total property pool and the value of the assets within this pool. Some assets are much easier to value than others. For example, a bank account is very easy to value – just log onto online banking!
Superannuation sometimes falls into this category. If you have a basic accumulation superannuation fund, which accumulates in value like a normal bank account, your latest statement will provide a reasonably accurate valuation of how much super you have saved up.
However, the story is a little more complicated if you have a defined benefit superannuation scheme. Defined benefit schemes were particularly popular for state government employees (e.g. teachers, and policepersons) in the late 20th century. The value of these schemes are calculated differently to accumulation funds because they also factor in how long you have worked for your employer and your salary as at the date of retirement. Often, defined benefit schemes are actually of a much higher value than the number on your superannuation statement.
If you have a defined benefit scheme, Family Law legislation stipulates how it is to be valued. You or your lawyer will need to send a Form 6 to your super fund. Your superfund will then value the super account according to the formulas set out in Family Law legislation.
However, a word of warning: some funds do not keep historical records of superannuation accounts once the super has become payable in the form of a pension. They may also require old statements. For this reason, it is always better to get onto a super valuation sooner rather than later if required.
If you have a family law matter, concerns about how to get a family law property settlement or questions about family law and separation in NSW and want to find out more please contact us at frank@franklaw.com.au.
This is not legal advice.
