The Hidden Super Cost of Divorce
Divorce can add 10 years to the working lives of Australians, as they battle to re-establish the wealth they had in married life, according to new research by Suncorp Superannuation. Suncorpâ€™s Untying the Knot report lifts the lid on the hidden cost of divorce for Australiaâ€™s 900,000 divorcees. Suncorpâ€™s Head of Everyday Super Lisa Harrison said the most common considerations during divorce were property, child custody, the family car and the partnerâ€™s income. However, thousands of dollars was often excluded from the settlement because superannuation was not taken into account. The study found 86% of divorcees didnâ€™t consider superannuation in their divorce settlement. The majority of happily married Australians expect to retire in their mid to late 60s, while divorcees expect to work well past 75, preventing them from getting the most out of their golden age.