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Role of Contributions by Each Spouse in Equitable Distribution
https://legiswiki.com/en/p/10022/role-of-contributions-by-each-spouse-in-equitable-distribution
The role of contributions by each spouse in equitable distribution is central to how courts determine a fair division of marital property during divorce proceedings. Contributions are broadly understood to include both economic (financial) and non-economic (non-financial) efforts made by each spouse...
Examples of Marital Property Subject to Equitable Distribution
https://legiswiki.com/en/p/10019/examples-of-marital-property-subject-to-equitable-distribution
Examples of marital property subject to equitable distribution include a wide range of assets and income acquired during the marriage, regardless of whose name is on the title or account. Common examples are: Real estate and personal property purchased during the marriage, such as the marital home,...
How Retirement Accounts and Investments Are Divided in Utah
https://legiswiki.com/en/p/10028/how-retirement-accounts-and-investments-are-divided-in-utah
In Utah, the division of retirement accounts and investments during divorce follows specific legal principles and procedures designed to ensure equitable distribution of marital assets. Retirement Accounts Division: Qualified Domestic Relations Order (QDRO): To divide retirement funds such as 401(...
Factors Considered by Utah Courts in Equitable Distribution
https://legiswiki.com/en/p/10017/factors-considered-by-utah-courts-in-equitable-distribution
Utah courts consider multiple factors when determining equitable distribution of marital property in divorce cases. Equitable distribution means dividing assets and debts in a manner that is fair, but not necessarily equal, based on the unique circumstances of each couple. The key factors Utah court...
Impact of Remarriage on Estate Planning and Inheritance
https://legiswiki.com/en/p/10178/impact-of-remarriage-on-estate-planning-and-inheritance
Remarriage can significantly affect estate planning and inheritance, impacting both the distribution of assets and the rights of beneficiaries. Here are some key considerations: 1. Estate Plan Updates Remarriage often necessitates updating an existing estate plan to ensure it reflects the new famil...
Treatment of Debts in Utah's Equitable Distribution Framework
https://legiswiki.com/en/p/10027/treatment-of-debts-in-utahs-equitable-distribution-framework
In Utah's equitable distribution framework, debts incurred during the marriage are treated as marital debts and are subject to fair division between spouses upon divorce. The key points regarding the treatment of debts are as follows: Marital vs. Non-Marital Debt: Debts acquired during the marriag...

Spouse Contributions

Spouse Contributions in Superannuation

Spouse contributions are a way to support your partner's retirement savings by contributing to their superannuation account. These contributions can be made from your after-tax income and are considered non-concessional contributions, meaning they are not subject to further tax once deposited into the super account.

Types of Spouse Contributions

  1. Direct Spouse Contributions: You can make direct contributions to your spouse's super account using your after-tax income. This can help increase their retirement savings, especially if they have a low income or are not working.

  2. Splitting Your Contributions: You can also split some of your own super contributions with your spouse. This includes employer contributions, salary sacrifice contributions, and any after-tax contributions you claim a tax deduction for. However, you must notify your super fund of your intention to claim a tax deduction before splitting these contributions.

Eligibility and Benefits

  • Eligibility: To make spouse contributions, you must be married or in a de facto relationship with your partner, and both of you must be Australian residents. Your partner must be under 75 years old to receive spouse contributions.

  • Tax Offset: If your spouse earns less than $40,000 per year, you may be eligible for a tax offset of up to $540 for contributions made on their behalf. The offset is 18% of the contributions, up to $3,000, and phases out as their income approaches $40,000.

Considerations

Before making spouse contributions, consider your financial situation, debt levels, and contribution caps. It may be beneficial to seek financial advice to ensure that spouse contributions align with your overall financial strategy.

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