Pursuant to Section 112(10) of the Women’s Charter, matrimonial assets refers to ANY assets acquired during the course of marriage, either by one or both parties; used or enjoyed by both parties and their children for numerous purposes; or assets which has been substantially improved during the marriage by the other or both parties to the marriage. However, assets that were received as gifts or inheritance are excluded unless they have been substantially improved during the marriage. A Singapore divorce lawyer can best advise you where you stand in regards to this point.
The court will try their best to achieve the best result in proportioning the matrimonial assets between parties. The division will be based on several factors such as:
(1) Direct financial contributions from both parties towards the acquisition of the matrimonial assets, which includes improving and maintaining it;
(2) Non-financial contributions, such as taking care of the household, family’s welfare and the amount of support rendered to the other party in order to allow him/her to pursue his/her career.
(3) Liabilities taken by parties in for their enjoyment or family’s benefit;
(4) Children’s needs and who has attained the care and control of the children;
(5) Individual’s financial independence / earning capacity after the divorce;
(6) Qualifications of both parties;
(7) Standard of living of each party during the marriage;
Despite the wide discretion of the court, there has been an approach set out in determining the division of assets as set out in the case of ANK v ANJ. If you would like to have a better idea of the proportion of assets you may get, it would be better to get legal advice from divorce lawyers.
You should always seek advise from an experienced Family lawyer to be sure you are fully aware where you stand and how to best protect your assets.