From 1 April 2022, new legislation provides for the visibility of superannuation between parties subject to property settlement proceedings in the Federal Circuit and Family Court of Australia.
Quite often superannuation may represent a large proportion of the asset pool between two parties in dispute. In circumstances where one party may fail to comply with their obligations as to full and frank disclosure of their superannuation assets, new legislation now allows for the imminent unveiling of such information.
The well-known 'Invisibility Cloak' worn by Harry Potter, and often relied upon by one party, can now be quite literally pulled out from underneath the rug.
Of course, there are existing processes in place for parties to gain access to one another's superannuation assets, however this new and evolved method will aid visibility where a party is not willingly disclosing their superannuation interests.
How might this affect you?
The new visibility laws not only allow for the full disclosure of parties' assets, but further provide access to such information in a more timely and cost effect manner. It is now proposed by the Federal Circuit and Family Court of Australia that once a request has been lodged, a response should be available within seven days!
Additionally, the administrative process of acquiring such information (performed on the courts online portal system) also provides judicial officers with access to the information, resulting in more just and equitable outcomes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
