Divorce is a life-altering event that brings with it many emotional and legal complexities. One of the most critical aspects to address during divorce proceedings in Singapore is the division of matrimonial assets. This process aims to fairly distribute the shared assets and liabilities acquired during the marriage between the divorcing spouses.
What Are Matrimonial Assets?
Matrimonial assets refer to assets that are acquired by one or both spouses during the marriage. These assets can include:
This includes residential properties like homes and apartments.
Such as bank accounts, investments, and savings.
Including vehicles, jewellery, furniture, and other possessions.
Shares in businesses, partnerships, or sole proprietorships.
Accumulated during the marriage.
CPF savings accumulated during the marriage, excluding amounts before the marriage.
What Is the Legal Framework for Division?
In Singapore, the legal framework for the division of matrimonial assets is governed by the Women’s Charter. Under the Women’s Charter, the court has the authority to make orders for the division of matrimonial assets when a marriage is being dissolved. The court typically aims to divide the assets in a “just and equitable” way through a ‘broad brush’ approach.
The Process of Division:
The court in Singapore follows a structured process for the division of matrimonial assets:
Both spouses must provide full and frank disclosure of all matrimonial assets. This includes submitting financial statements, property valuations, and any relevant documents.
The court assesses the value of the matrimonial assets, which can involve obtaining professional valuations for properties, businesses, and other assets.
The court considers the contributions made by both spouses during the marriage. This includes financial contributions, homemaking and caregiving, and any other relevant factors.
The court takes into account the future needs and welfare of both spouses and any children of the marriage.
The court aims to achieve a fair and equitable division of matrimonial assets. This does not necessarily mean an equal split, as it depends on the specific circumstances of the case.
The court can issue orders to transfer, sell, or partition assets as necessary to effect the division. Spouses can also reach agreements on the division of assets, which the court can incorporate into the divorce order.
Factors Influencing the Division
Several factors can influence the court’s decision on the division of matrimonial assets, including:
1. Duration of Marriage: Longer marriages may lead to a more equal division of assets.
2. Financial and Non-Financial Contributions: Contributions to the marriage in terms of income, homemaking, and caregiving are considered.
3. Future Needs: The court considers the future needs and financial circumstances of each spouse.
4. Children’s Welfare: The court prioritises the welfare of any children involved, including their housing and educational needs.
Conclusion
The division of matrimonial assets in a divorce in Singapore is a complex process that aims to achieve a fair and equitable distribution of assets acquired during the marriage. It is crucial for both spouses to seek legal advice and support to navigate this process, ensuring their rights and interests are protected. Consulting with experienced family lawyers can provide valuable guidance in negotiating and reaching a satisfactory resolution during this challenging time.
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