What is a Joint Asset? Making Sense of Splitting Shared Assets in Singapore Divorce

Singapore is notorious for their inexplicably detailed assessments of divorce. The courts want to see coverage, proof, and details for everything. It is often a fair assessment because it deals with matters that can involve multiple people for the rest of their lives. Just as marriage is not a mild concern, divorce is taken equally as serious. In the splitting of assets, money and futures are intertwined.

What is a joint asset? Singapore divorce lawyers rarely come to a universal agreement, which is what makes the matter so complicated. Some assets are joint and some are not, and there are variables to look at when splitting the “inventory,” as it is.

Pre-Marriage Purchases

If something was bought and owned prior to marriage, it is unlikely to be counted as a joint asset. Of course, there are exceptions. Take, for example, a vehicle. It was owned by one spouse in full prior to marriage. At some point, he added his wife to the insurance. He also gave the car for her to get to work, which is proven by asking employees. Furthermore, he even added her to the title. Even without the last addition of the added name on the title, this car is a joint asset between the two. It was used as a primary vehicle for the wife. Her name is insured under it. Though a lawyer can make a contrary argument, it would be a difficult one to press.

50/50 Split

Rarely is a 50/50 split the way it ends up because of the many often contradictory variables. It is entirely possible for a divorce lawyer to push for a 50/50 split considering a single asset. A common one is a home, which is usually equally used by both parties. Any valuation of the home is separated in half. If one party wants to retain the home, that is assessed in the divorce.

Divorce is extensive and prolonged. It will not end up perfect. What it can end up with is a fair assessment of the assets and two individuals that can continue their life in a positive way. It may take time to get there, but it will be worth it.