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Super

Rules for super if not divorced

Super and divorce

Are you separated but not yet divorced? Then read on. Have a look at your super fund information or ask your super fund what happens if you die. It might just shock you to know that plenty of super funds pay out to the legal spouse - yes that is correct - to the ex! Making a will does not stop him/her getting the money either as the super trustees will keep strictly to the wording of the trust deed.

Besides getting divorced, how do you get around it? Well there is a little thing called a binding nomination, this allows you to specify who gets the money, should you kick the bucket. These binding nominations must be renewed every three  years and they must be properly witnessed.

Just to recap:

Making a will does not help.

A binding nomination is NOT the same as a nomination.

Remember to renew your binding nomination every three years.

I hope you are feeling better after reading this; I would not like you to die before you effecting the changes you need to do!

Executive Member of SRL-Resources, the Family Law People on the site (Look for the Avatars).   Be mindful what you post in the public areas. 
So divorce fixes things?

It costs very little to divorce - may as well do it.

How does this fit with state & territory domestic relationship law, family law, binding financial agreements, legal wills, etc. Is this all clear yet?

 Maybe I am not explaining myself well enough

Legal mess with super

Wills can be challenged!

This is an area where the laws are playing catch up with each other. It is a mess; that is why they recommend a binding nomination.

Legally they will look at the last document you signed - but… open to a challenge from the other side. It is a messy area at a messy time of your life!

Executive Member of SRL-Resources, the Family Law People on the site (Look for the Avatars).   Be mindful what you post in the public areas. 
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