Matrimonial Asset Division in Singapore court
A total asset that has been acquired by both the parties during the marriage is considered as matrimonial assets. Assets that received as gifts or legacy are generally not measured as matrimonial assets. After divorce finalization, the process which comes next is matrimonial asset division. At the ancillary stage of divorce, the court will take a decision on ancillary matters such as pertaining of children, maintenance and asset division owned by both the parties.
Once an interim divorce judgement is granted, Singapore court will appoint a date for Ancillary matters pre-trial conference (APTC) to divide the matrimonial assets. APTC is conducted by Deputy Registrar. There could be an out-of-court settlement, for this Registrar refers this to counselling. If asset division settlement is performed, then both parties have to file an Affidavit of Assets and Means.
In case of no settlement still, a contested ancillary matters hearings is scheduled. The division of matrimonial assets is decided there. For matrimonial asset value more than $1.5 million, the asset division hearing is held in the High Court. However, for the lower net value of an asset it can be settled in family court.
Here are lists of various factors that have been taken into account during hearing on ancillary matters like matrimonial asset division:
- The extent of financial contributions towards matrimonial assets.
- The extent of non-financial contributions towards the safety of the family.
- The requirement of each party after divorce.
- The support by one party which allows the other party to pursue careers.
- Debt owed by both parties for the joint benefit of family, individual benefit, or the child’s benefit.
- The requirements of the child, if any.
- Any agreements towards the divisions of assets before divorce.
- The monetary independence of each party after divorce.
A Singapore divorce lawyer can assist their clients to take maximum benefit of matrimonial asset division through their experiences. Hiring a good divorce lawyer can help you in dealing with proper and fair decision.
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