The simple answer to this question is – yes.
Since 2002, parties’ superannuation interests have been treated as property that is available for distribution in family law property settlements. In some relationships, superannuation will be the most significant asset in the property pool.
Superannuation is treated slightly different to other property in a property settlement as it generally cannot be accessed by the parties to the relationship unless they meet certain eligibility criteria (for example they reach the age of retirement).
Whilst superannuation cannot be accessed by the parties until they meet certain eligibility criteria, there are specific rules that permit the superannuation fund of one party to a relationship to allocate or transfer a lump sum or percentage of that party’s superannuation to the superannuation fund of the other party as part of the property settlement.
There are strategic considerations that we take into account when advising our clients on whether or not to include a superannuation split in their property settlement.
If you would like advice on your family law property settlement contact our Cairns family lawyers today.