Property settlement

Discussion in 'Legal Issues' started by John Duncombe, 30th Mar, 2021.

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  1. John Duncombe

    John Duncombe Member

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    With a property settlement if one party is drawing a pension from superannuation contributions, is that taken into account when all the assets are determined.
    Thank you in advance
    Regards
    John
     
    John Duncombe, 30th Mar, 2021
    #1
  2. thatbum

    thatbum Well-Known Member

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    Are you talking about a division of assets after a relationship separation?
     
    thatbum, 30th Mar, 2021
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  3. John Duncombe

    John Duncombe Member

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    Dear tharbum,
    Yes, when all the assets are collected, I am curious if this ‘pension’ is considered as an asset when a 30 year marriage breaks down.
    Regards
    John
     
    John Duncombe, 30th Mar, 2021
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  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Super assets are always considered in a family court action. Its not protected.

    There are specific provisions that allow a division of super as a early release or transfer to a spouse / partner to refelect what the family court may order s90MT Family law Act. SIS Reg 7A.03

    A application for settlement of assets will be rejected if it doesnt consider super of both parties
     
    Paul@PAS, 30th Mar, 2021
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  5. John Duncombe

    John Duncombe Member

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    Thank you for the reply. My query is that the Superanuation, as a fortnightly pension has be in operation for atleast the last ten years.
    There are no funds to be released as the option for a pension was adopted.
    Hence my concerns.
    Regards
    John
     
    John Duncombe, 31st Mar, 2021
    #5
  6. thatbum

    thatbum Well-Known Member

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    Why does this matter?
     
    thatbum, 31st Mar, 2021
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  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    The family court can make orders as it sees fit. You cant hide assets in super to defeat a spouse.
     
    Paul@PAS, 31st Mar, 2021
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  8. John Duncombe

    John Duncombe Member

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    Dear Paul,
    Many thanks, I feel that I have just entered a mine field.
    Regards
    John
     
    John Duncombe, 1st Apr, 2021
    #8
  9. thatbum

    thatbum Well-Known Member

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    Then why not get some legal advice to help navigate the minefield?
     
    thatbum, 1st Apr, 2021
    #9
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