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27th April 2000
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The accuracy of the content is not guaranteed. Please rely only on the authorised document.
In a Joint News Release between the Attorney-General Assistant Treasurer The Hon. Daryl Williams Am Qc Mp and Senator The Hon. Rod Kemp, it has been announced that separating couples will, for the first time, be able to divide superannuation in the same way as their other assets, under legislation introduced to Parliament on 20 April 2000. Under the current law, the Family Court has no power to divide superannuation when a marriage breaks down, even if the separating couple wants to split superannuation in their settlement. The Family Law Legislation Amendment (Superannuation) Bill 2000 will allow people to make binding agreements about the division of superannuation on separation.
Couples will be able to choose what proportion of the superannuation will go to each person, making the decision to suit their individual circumstances. For example, people will be able to trade-off superannuation for housing where one parent needs to remain in the marital home to care for children. Importantly, the superannuation agreements can be incorporated into financial agreements which are provided for in the Family Law Amendment Bill 1999.
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