Breaking-up and Super
From today, 28 December 2002, new laws come into force which allow Courts and Trustees of superfunds to breakup one ex-spouses super into an entitlement for each, just like how other assets are handled in divorce. You can read a summary of how this works on the resources section of this site.
In the historical peak divorce risk age bracket of age 35 to 45 (median age 39 women and 42 men), average account balances in superannuation are currently only $40,000 compared to average house prices of around $250,000. Super is still a less significant asset than property in divorce settlement. However by the time the baby boomers start retiring in 2012 the upper quartile super account of male retirees will be about $100,000. These new laws may be a test for the strength of relationships if life at home together gets a bit boring and fractious.
Posted Saturday, 28 December 2002
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