Dividing the assets

Dividing the assets

 

IN DECIDING who gets what, the law requires any division of matrimonial assets to be just and equitable.

 

Courts weigh certain factors when determining how assets should be split.

 

Matrimonial home

 

·  Contribution of each spouse: The starting point is the financial contribution that each party has made to initial payments and monthly mortgage payments.

 

Any payments made through the Central Provident Fund are also taken into account, said lawyer Amolat Singh.

 

·  Non-financial contributions: The court looks at who paid for the renovations; who bought the furniture, fittings or furnishings; who settled the monthly maintenance charges; and who paid the utility bills.

 

Also covered are expenses incurred for the welfare of the family and while looking after children or an aged or disabled family member.

 

Other assets

 

·  Efforts and contributions made by each party towards their acquisition: For example, for a business, the party making a claim must prove he or she has contributed to its success. One way is to show he or she has been involved in its administration or operations.

 

The court might not divide up these assets in the same proportion that it would the matrimonial home. For instance, the home might be split 50:50, but not the other assets.

 

·  Other factors: The court will consider the length of the marriage, the age and health of each spouse, and the couple’s standard of living during the marriage.

 

Source: Straits Times

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