Divorce : ASSETS/ FUNDS ISSUES
Freedom of choice for spouses
In Singapore, spouses are free to decide how to divide their assets after divorce. They can choose a financial settlement that best suits their individual needs and circumstances. If they cannot reach an agreement, the court will intervene to ensure a fair division.
Division of assets
The division of assets in a divorce is influenced by the marital regime under which the couple was married. Singapore recognizes the following regimes:
- Jointly Owned Assets: Assets acquired during the marriage, whether jointly or individually, are subject to division upon divorce. This includes property, savings, and investments accumulated during the marriage.
- Non-Jointly Owned Assets: Assets owned before the marriage or received as gifts or inheritances during the marriage are typically considered non-marital property and are not subject to division. However, if these assets have been mixed with marital assets, their division may become complex.
- Debts: Both spouses are generally responsible for their own debts unless the debt was incurred for the benefit of the marriage or jointly.
Spouses are encouraged to reach a mutual agreement on how to divide their assets through a settlement agreement. If they are unable to agree, the court will decide on the division based on factors such as each spouse’s financial and non-financial contributions to the marriage, their future needs, and the welfare of any children involved.
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