DIVISION OF ASSETS IN DIVORCE

When a relationship breaks down, there are not only emotional consequences but also financial matters to address.

At Gloria James-Civetta & Co, we have one of the largest divorce law teams in Singapore. Our aim is to provide you with comprehensive support and exceptional representation throughout the entire divorce process.

We offer a free, no-obligation consultation on the divorce process so you can explore your options moving forward. Contact our legal 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 (direct)
• The extent of contributions made by each party to the welfare of the family (indirect)
• The needs of the children of the marriage
• 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 is 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 that 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.

Experienced 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 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.

Contact Gloria James-Civetta & Co Divorce Lawyers, Singapore