Marriages can go awry despite our best efforts. In a perfect world, all parties involved part ways amicably. In a practical scenario, asset split becomes a shambles, with the most serious difficulty usually involving the property we call home. The majority of Singaporean couples split the cost of their flat or condo, and no one wants to be left without a house or a share.
Here’s everything you need to know about keeping your property if the worst happens.Looking to file for a simplified uncontested divorce in Singapore?
It’s possible that things aren’t as “black and white” as we think
We frequently find oversimplifications when speaking with homeowners concerning the property as a marital asset. “I paid more for it, thus it’s mine,” or “It was left to me by my parents, so my spouse has no claim,” are examples of similar statements. These assumptions are partially correct, but the situation is more complicated. Thanks to Singapore’s Women’s Charter, a woman’s rights to marriage assets are codified in law. However, the partition of these assets between the marriage is still a difficult issue, and few people realize that the Court is the final arbiter of how matrimonial assets are distributed.
You haven’t aided in repayments, but you have contributed in other ways
So you didn’t contribute to your property’s down payment, mortgage, property taxes, or any direct property charges. However, you may have made other contributions over time, such as the furnishings you’ve purchased, the appliances you’ve purchased, or even simple housekeeping. The Court considers all contributions made by the parties, including both direct and indirect contributions.
Your parents bequeathed the property to you
Many of the homeowners we encounter believe that since their property was handed to them by their parents, their spouses will never be able to claim it. While this is generally true, it may not be so straightforward. In most cases, an inherited or gifted asset is not subject to partition. A property handed to a husband as part of his late parents’ estate or as a gift during their lifetimes will almost never be divided, and the wife will almost never receive a share.
Parties should thus agree on the method of retaining their properties that makes the most sense to them as a family or best advances their financial goals while keeping good paper records of their cash-flows (both in and out) to avoid situations where evidence is absent. Contact a family lawyer for more precise information – remember, you can do this even before the potential of divorce arises. It may be a touchy subject, but it could save you a lot of grief in the long run.
