DIVISION OF ASSETS IN DIVORCE
When a relationship breaks down, in addition to dealing with the emotional consequences there will also inevitably be financial matters to take care of. At Gloria James-Civetta & Co, we have one of the largest, divorce law teams in Singapore and we aim to make sure that you are adequately supported and represented throughout divorce proceedings. We offer a free, no-obligation consultation on divorce so you can find out you options going forward. Contact our expert team today to find out how we can help you.
Division of Matrimonial Assets, Singapore
When dividing assets in divorce, the Court’s primary objective is to make sure that all parties are treated fairly. Under Singapore law, the court has the power to order the division of matrimonial assets in a “just and equitable manner”. Some of the factors the court will consider in arriving at a just and equitable division of assets include:
- The extent of contributions made by each party in monetary terms
- The needs of the children of the marriage
- The extent of contributions made by each party to the welfare of the family (indirect contribution)
- Any agreement between the parties with regards to the division of the matrimonial assets upon divorce
Matrimonial assets include all property acquired during the marriage. Generally, property acquired before the marriage are not matrimonial assets – unless they are ordinarily used by the family or have been substantially improved by both partners, or the party who was not the original owner of the property.
Similarly, assets acquired by way of “gifts” or “inheritance” are not matrimonial assets unless they refer to the “matrimonial home” have been substantially improved by both, or the other party.
Common examples of assets which may be put up for division include businesses, insurance, shares, car, savings, CPF balances and jewelry.
Proportion of Contribution
The courts will generally consider all factors, including direct and indirect contributions. Indirect contributions generally mean contributions made in terms of homemaking or bringing up children.
In short marriages, financial contributions tend to feature more prominently because indirect contributions tend to be limited.
In long marriages, indirect contributions would be greater and it may be possible for a homemaker with no financial contribution to get a higher proportion.
Proportions are decided on a case-by-case basis and there is no starting presumption that parties have contributed equally.
There are several notable circumstances that affect the proportion awarded to each party. For instance, the total failure of one spouse in carrying out his/ her role could mean that one party gets majority of the matrimonial assets, or it could be that one party’s very exceptional contributions had resulted in the acquiring of massive matrimonial assets, in which case, that party might receive more in a just-and-equitable division.
Specialist Matrimonial Asset Division Lawyers Singapore
It would be beneficial to all parties if the division of the matrimonial property could be carried out amicably and agreeably but unfortunately, this is not always the case. Arriving at a final sum for division can be a very complex process, and the nature of the assessment may cause conflict between the parties.
If you are filing for divorce and have not yet come to a mutual agreement regarding your asset division, do not hesitate in calling Gloria James-Civetta & Co for advice. Our specialist divorce lawyers deal with many complex financial cases and can help you arrive at a fair settlement, no matter how complex your situation may be.