If you are thinking of divorce or already going through one, it is logical to ask: “How do I protect my wealth?”
Division of matrimonial assets – How do I protect my wealth in a divorce?
Most Singaporeans are fairly well off.
Therefore, If you are thinking of divorce or already going through one, you will naturally ask:
“How do I protect my wealth?”
As a start, you should understand that the Singapore courts view marriage as a partnership and that there is no set formula for splitting up matrimonial assets. There is also no presumption that assets will be divided equally.
In general, if you had a long marriage, the courts are inclined towards an equal division of matrimonial assets, even if your spouse did not contribute financially towards the assets.
Show you have contributed financially
You will need to support your position with strong arguments about how much you have contributed to acquiring your matrimonial assets, their values as well as your role in looking after the family.
You should produce documentary evidence that supports your assertion that you are the main income earner, you paid for the assets including the matrimonial home, your liabilities and that you helped to look after the family.
Show you have contributed non financially
You can expect that in short marriages, matrimonial assets may be divided according to the proportion of parties’ financial contributions. This is because the indirect contributions are unlikely to be significant in short marriages.
In long marriages, the courts are inclined to divide the matrimonial assets equally, even if your spouse did not contribute financially towards the assets.
Section 112(2) Women’s Charter
Every case is decided on its own facts and there is no starting presumption that assets will be divided 50-50.
The courts do not just look at financial and non financial contributions – there are many factors that will play a part in the court’s decision.
Section 112(2) of the Women’s Charter sets out some of the factors that the court will take into account when trying to achieve a fair and equitable split of assets:
The extent of financial contributions towards these assets
The extent of non-financial contributions towards the welfare of the family
The needs of the children
Any agreement made by the parties towards the divisions of assets.
How PKWA Law can help
The wide discretion to divide assets means that it is vital to get the best legal representation as soon as possible. The family lawyers at PKWA Law often produce positive outcomes for our clients, either in negotiations or in court. Our first priority is to attempt to settle, but we will litigate strenuously if a settlement is not possible.
We offer a free first consultation at our office. Please contact us at 6854-5336,
ABOUT PKWA FAMILY LAW.
PKWA Law is one of Singapore’s largest family law firms, specialising in divorce law, family law, wills and probate. We are consistently named as a leading family law firm by respected legal publications such as Asian Legal Business, Singapore Business Review, Global Law Experts and Doyle’s Guide to Singapore Family Lawyers.
Our team of family lawyers are accredited specialist Collaborative Family Lawyers with the Singapore Mediation Centre.
Conveniently located at HDB Hub, PKWA Family Law charges affordable fixed fees that are catered for the average Singaporean.
Contact us at tel 6854-5336 for a free first consultation.
Have a question? Contact PKWA Law today for your free consultation.