This can be a particularly difficult time for most people, with major changes to personal, family and financial circumstances. Here are a few things to keep in mind if you’re going through a situation like this.
Under family law legislation, super benefits can generally be split as part of a property settlement between married or de facto couples in the event of a marriage or relationship breakdown. These laws are complex and it’s important to ensure you seek your own advice if these circumstances apply to you. For general information, refer to our family law and superannuation fact sheet.
If you’ve had a change of name, address or other details, it’s important to let us know so we don’t lose touch with you, and more importantly, so you don’t lose touch with your super. Get started with our step-by-step HOW DO I…update my personal details?
With any change in personal relationships, it’s important to consider what might happen to your super if something happened to you.
Your super is likely to be one of your biggest assets so it’s important to ensure it ends up in the right hands if something did happen to you. And with a change in your relationship, it might be a good time to think about whether you need to update an existing nomination, or make a new nomination if you don't already have one.
Once you make a valid nomination, this means we must pay your death benefit to the person or people (or your estate) that you’ve nominated. If something happens to you and we don’t have a valid beneficiary nominated, we have discretion to decide which of your beneficiaries receives your super.
Ending a relationship can have a significant effect on your financial commitments, which makes it an important time to reconsider your insurance needs – how well would those commitments be protected if something happened to you?
For example, you may want peace of mind that any children or dependants will have some financial security if you’re unable to work because of injury or illness. Or if you’re buying a house, an insurance benefit may help reduce some outstanding mortgage or other debts if something happens to you.
Because we know that life events are often the times when people need to change their insurance cover, one of the features of cover for Accumulate Plus members is our life events cover option. With this option, you may be eligible to increase existing cover when you get divorced (or have one of the other specific life events) without having to provide additional medical evidence.
Find out more about life events cover.
Dividing your assets can be among the most challenging aspects of ending a relationship, and there are superannuation splitting laws in place for when a marriage ends. (Source: CommBank)
In this video, 'The Barefoot Investor' Scott Pape shares financial tips and insights into surviving divorce to put youself in a sound finacial position. (Source: ASIC MoneySmart)
Helps women sort out their financial issues and make the most of their money (Source: ASIC MoneySmart)
It's your life and your money. Here are some money tips to help you when facing big financial or life decisions. (Source: ASIC MoneySmart)