Finding hidden super
Superannuation is an asset that needs to be considered in a property settlement. It is not uncommon for superannuation to be the most substantial asset in an asset pool. But what if one party is not disclosing their superannuation assets?
This week we look at some of the ways parties can find hidden superannuation.
What can I do if I know what fund the superannuation policy is with?
When you know what fund holds your former partners superannuation, obtaining details of how much superannuation they have is a relatively simple process.
A party seeking to negotiate a property settlement can complete a Superannuation Information Request form, pay a fee, and obtain information about their former partner's superannuation.
The information provided by the fund will then allow them to negotiate a settlement or have the policy further valued.
What if I don't know who holds the superannuation?
A difficulty arises when you do not know which fund who holds your former partner's superannuation. There are multiple superannuation funds, and it is not uncommon for a person to have held policies with multiple funds during their working life.
Until recently, if a party was not being upfront about their asset holdings trying to find an undisclosed superannuation policy was not easy.
This process has become easier as parties now have the ability to ask the Court to obtain information about another parties superannuation holdings directly from the ATO. Once a request is made, the Court directs that request to the ATO who provides the details of any policies held by the party.
That information will then allow the party to file a Superannuation Information Request form to obtain a current value of the fund.
This is a positive change for parties, increasing the tools available to combat parties attempting to hide assets.
Please note: the information in this article is general in nature and is not legal advice. For specific advice about your circumstances, contact us to make an appointment with one of our solicitors.