Lawyer RAJAN CHETTIAR explains what happens when what’s mine is no longer yours. 

One of the most important financial claims made during divorce – besides maintenance – is for matrimonial assets. These are the assets owned by both the husband and wife before the marriage, or acquired by each of them during the marriage. Matrimonial assets include local and international assets such as properties, bank accounts, stocks and shares, pension funds, club memberships, paintings, antiques – and even family pets.
     Problems arise when a wife attempts to obtain a substantial share of the matrimonial assets, which the husband then typically tries to minimise. If you and your ex-spouse have a high nett worth, a claim on matrimonial assets becomes even more significant. And if disputes aren’t settled amicably between you, you’ll end up in Court.
     In Singapore, if the nett value of your matrimonial assets totals more than $1.5 million, your case is transferred from the Family Court to the High Court. Part of the pre-trial preparation involves gathering evidence in relation to the matrimonial assets and the contributions made by your ex-spouse and yourself. Before deciding how to divide the assets, the Court will consider a range of factors – such as the duration of the marriage, financial contributions made by both parties towards the acquisition and maintenance of the assets, non-financial contributions made by both parties and the individual needs of the husband, wife and any children. The wife’s share of matrimonial assets is in tandem to the duration of the marriage. Wives are also recognised for non-financial contributions, such as playing a pivotal role in maintaining the home, caring for children and being a good support system to ensure the husband’s career flourishes.
     The Court then determines a percentage value reflecting the financial and non-financial contributions over the nett value of the matrimonial assets and orders the husband to make a cash payment, or a transfer of assets to his ex-wife. While past cases have set guideline precedents, the Court has full discretion to consider the facts and circumstances of each case before deciding. Your ex-husband may try to limit your share by entering into an agreement during separation or the divorce proceedings – the Court will give them due consideration during the division exercise before making a final decision.