Super in De Facto Relationships
Superannuation splitting in de facto relationships has been problematic in Australia’s financial and legal climate for some time. Last year, Catherine Leach, Director of Perth’s largest Family Law firm, discussed with Chanel Nine News the need for the legislation to change. Today, the bill is under review in Federal Parliament, and if this legislation passes, it will mean West Australian de facto couples will be able to add superannuation to their asset pile. HESTA superannuation fund is backing the change, and it looks promising for Western Australia to catch up to the rest of the country in coming months. Superannuation is often one of the most significant assets owned by partners, particularly those who have no other remaining assets. Despite lobbying WA is still the only remaining state not legally recognising the need for de facto couples to divide superannuation. Super equity is particularly crucial for women who remain in the domestic sphere when raising children. Currently, the average woman accrues $90 000 of superannuation throughout their working life, in comparison to men who accumulate an average of around $150 000. Catherine believes the inequitable division of superannuation is a form of 'economic abuse.' Catherine calls for new legislation and a reformed approach to superannuation in de-facto relationships in Western Australia. To view the interview in full visit: www.facebook.com/9NewsPerth/videos/1702789643066522/ or call Leach Legal today on (08) 9486 9733 to see how we can help.