How Assets Are Divided in a Singapore Divorce

It is not an easy process to go through and one of the most difficult areas that most couples land on is how to divide their assets. The Women Charter in Singapore is the guide that defines the direction within which the matrimonial property has to be identified, evaluated, and shared. Knowing these regulations is imperative in order to achieve an equal and legal result. Regardless of whether one is having a contested divorce or uncontested divorce, the knowledge of the process can assist in preparing discussions with an affordable divorce lawyer Singapore and deciding on matters involved in a way that will safeguard your best interests.

What Counts as Matrimonial Assets

Matrimonial assets are the property gained in a marriage and some of the assets gained during the marriage but have been highly improved or used by both. This may involve the matrimonial home, investment property, bank savings, stocks, cars and even the CPF savings. Gifts and gifts are usually excluded with the exception of when they have been improved at the times of marriage significantly or as per the needs of the family.

In divorce the most valuable asset is the matrimonial home. The fact that a title deed is under the name of one spouse does not matter since it would normally be regarded as part of the matrimonial assets unless the home was bought in the name of one individual in the wedding. It is particularly applicable to couples who are the HDB flat owners as the division can be regulated by Housing and Development Board.

The Court’s Approach to Asset Division

The Singapore jurisdiction does not abide by the 50-50 rule about division. A more likely target is a conclusion that distribution is just and equitable, varies each case. Factors that the court looks into are the non-financial and financial contributions of each of the spouses, the needs of children involved, duration of marriage between spouses, and any agreement between the spouses.

The financial contribution may be in terms of salaries, investments, and other financial contributions utilized to purchase or maintain the assets. The contributions made by a non spouse are also very important which can consist in home care, childcare and helping the other partner with his or her work. This strategy will make the division be based on the actual effort by each party both within the workplace and without it.

Direct and Indirect Contributions

The contribution is weighed by the courts in two different categories; direct and indirect. Direct contributions imply financial support, payment to pay the house and mortgage or do repairs. Indirect contributions are non-monetary efforts within the family that helped the family, including care giving, house management and emotional support.

The ratio of division is calculated after assessment of the two kinds of contributions. In another case whereby one partner in a marriage was the main breadwinner and the other was at home looking after children and doing all the household chores, the court can allocate a sharing that will give priority to both partners. Your affordable divorce lawyer Singapore would then be able to assist you in preparing the required evidence to show your contributions whether in the form of finances or non-finances.

The Process of Valuing Assets

The assets are supposed to be identified and valued before division can occur. This entails the process of ensuring that bills like those of the banks, property valuation, CPF balances, and investment records are collected. Where there is need to determine the value of certain assets especially properties and businesses, professional valuers may be hired.

It is important to be open at this step. The non-disclosure of certain assets may have grave legal implications such as the fact that the settlement contained in the divorce may be set aside by the court. An expert in the field of divorce known as a divorce lawyer singapore will ensure you make good financial disclosures and that all the assets are taken into consideration.

Division of the Matrimonial Home

Matrimonial home is one of the issues that receive due attention in divorce cases. In case of HDB flats, Housing and Development Board eligibility regulations may have implications on the ability of the property to be sold, handed over or remain in possession of one of the stake holders. The court can rule to sell the property and have the money shared and or the spouse ruling may be given an option to transfer the title of ownership in the case especially where it is in best interest of the children.

In the case of the personal property, the court is also free to establish how it has to split the house. This may include the property selling, transfer of property or give another party higher portion of other properties so as to counter the loss of having to maintain the house.

Handling Debts and Liabilities

Conclusion

That is why hiring an experience and affordable divorce lawyer Singapore will make sense, as he or she will provide the legal counsel necessary to help you work through these asset division complications, whether it comes to a real property, liabilities, or business ventures. When seeking the help of a divorce attorney without bank-breaking fees, an affordable divorce lawyer Singapore is still able to offer and avail legal strategies and counsel in helping an individual get a decent deal.