DIVISION OF MATRIMONIAL ASSETS
What Are Considered Matrimonial Assets ?
- Any asset acquired before the marriage by one party or both parties but ordinarily used or enjoyed by both parties or their children while residing together during the marriage;
- Any assets acquired before the marriage by one party or both parties but which have been substantially improved during the marriage by one party or both parties to the marriage;
- Any other assets of any nature acquired during the marriage.
Matrimonial assets therefore do not include assets that were given to one party as a gift or inheritance unless the other party can show that the said gift or inheritance has been substantially improved during the marriage by him/her or both the parties, or that the gift or inheritance is the matrimonial home.
The cash balance in the parties’ respective Central Provident Fund Accounts, the family car, jewelry, shares and savings accumulated during the marriage are considered matrimonial assets and are therefore liable to be divided between parties upon the marriage being dissolved.
How Are Matrimonial Assets Divided ?
After a marriage has been dissolved, the Court would have the unenviable task of deciding how the matrimonial assets are to be divided between the husband and the wife.
In deciding on the division of the matrimonial assets, the Court will take into account various factors including but not limited to:
- The extent of the contributions made by each party in money, property or work towards acquiring, improving or maintaining the matrimonial assets;
- The needs of the children of the marriage;
- The extent of the contributions made by each party to the welfare of the family, including looking after the home or caring for the dependents of either party;
- Any agreement between the parties with respect to the ownership and division of the matrimonial assets made in contemplation of divorce.
How We Can Help You Negotiate A Better Deal For Yourself
Unfortunately, it is not unusual for fighting spouses to attempt to hide assets in a contentious divorce. We will help track all your matrimonial assets in divorce proceedings and identify any potentially undervalued or disguised assets, ensuring that you receive a fair division of your matrimonial assets. Get in touch with us as soon as possible so we can help you.
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