Our experience here at Divorce Financial Advice has shown us that most people think of their superannuation as an after thought. Where research conducted by Suncorp has found that only 17% of people actually consider superannuation during the divorce processes.
However we are not surprised by these results. We understand that there is a lot of things to think about during this time. And we know that you should be worrying about more significant assets such as the family home. Yet this usually leaves your super nest eggs the less valuable asset in a marriage.
It seems that many divorcees fail to realise that superannuation needs to be treated as a type of asset. An asset that can be included and divided in the property settlement.
The research also found that more than 40 per cent of baby boomer women don’t think they have enough super. This may be due to a previous marriage breakdown. However it is apparent that women in particular are not considering super as part of their divorce settlement. Even though they are legally entitled to up to 50 per cent of their partner’s super.
In Australia, the median age of divorce for men is 45, for women it’s 42. And almost half of all divorces involve children. Superannuation balances between the genders can vary widely for this age group given child-rearing is still likely to be taking place. The average balance of a man in this age group is often twice as much as a woman.
Divorce Financial Advice are here to help you make the best decision that is right for you. That is why if you are in need of financial advice do not hesitate to contact us here.
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