Did you just hear what happened? I actually can’t believe it

I have made a surprising discovery! This much needed change feels like a miracle!

However, this important development seems to have become a secret, buried under the news about lockdowns and vaccination rollouts; so let me disclose this gem to you and inform you how it could possibly be essential for you.

I read with so much happiness that the Australian Federal Government has passed a new legislation that allows the Australian Taxation Office (ATO) to release Superannuation information in family law proceedings. These changes are a godsend to women, because this will allow for ladies to get their fair share of Super assets if their relationships end.

Wasn’t this always the case? It might be perplexing to know that it wasn’t so before this law came into action. The Small Claims, Large Battles report by the Women’s Legal Service Victoria states that many women walk away without their entitlements from a divorce due to the lack of efficient and affordable pathways to resolve property disputes. Furthermore, it can be extremely hard to compute a well-prepared spouse’s Superannuation value, as they could easily arrange for the true values to be hidden or under disclosed. I am personally aware of this common practice, as I previously had some trouble with one of my bosses when I did not want to change his Super balance in his financial accounts for his divorce lawyer.

In a Women’s Agenda article titled “Fairer Super Splitting Essential in Improving Women’s Financial Security”, Mary Delahunty indicated that research on her divorced girlfriends led her to discover common themes regarding their Superannuation. Many were unaware or unable to engage their ex-partners to split the monies fairly, with reasons ranging from “We didn’t split super but we decided I would keep the house, so I think it works out” to “I don’t think he has much super, we didn’t include it.” These findings further highlight the attitudes towards the issue, with many women finding the convoluted procedures boring and complex.

Now, will this new legislation be the well-needed cure to this long-standing ailment? Superannuation Minister Jane Hume says these amendments “will make it harder for parties to hide or under disclose their superannuation assets”. Whilst these changes does not mean that both parties will walk away with a 50/50 split, the family court will determine what is “fair and equitable for both parties” according to Jordan Vaka of Planning Solo. These include looking at “what you brought into the marriage, what you contributed during the marriage, capacity after the marriage and number of dependents” according to an article for the Sydney Morning Herald by Nina Hendy.

Ladies, this is a major milestone for divorcing women in Australia to be in a better financial position. This legislation has given women a chance to have a fair ruling from what was an almost impossible challenge previously, giving us the opportunity to have a fair asset division and a better financial standing after all is said and done. Let there be Smarther Change for our financial future!

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