[ Divorce- Dividing Matrimonial Home]
When looking into marital asset distribution during a #divorce, I have encountered many couples, mainly when they are not represented, who do not look beyond their current situation. This may lead to future problems if one is not careful and further cause distress.
In Singapore, the majority of Singaporeans live in HDB flats, which is a public housing scheme. Many divorcing couples believe that the Courts can rule anything. However, this is not entirely possible as the HDB has their Act in our legal systems, and thus the Court will determine within the confines of that Act.
When considering the flat disposal, the couple needs to look at long terms goals.
1) Are both eligible for another HDB flat at a subsidised rate?
2) Can your current flat be sold at a profit? If there is a loss, how is this loss going to impact your future goals?
3) If you have school-going children, you need to consider if, after distributions of profits, you have sufficient funds to purchase another flat near their schools.
4) Can you obtain a mortgage to purchase your new home? Is this by HDB or bank? Can your CPF contribution cover the monthly repayment, or do you have to top-up cash?
5) Do you have sufficient funds aside for renovation, or will you take up a renovation loan?
6) Are you having sufficient income to finance your new norm? New home loan, child support, household expenses, daily living, etc
7) There are cooling measures imposed recently; how will these affect you?
These issues are better resolved when divorcing couples can work collaboratively. In my #mediation sessions, I tend to put this across to both parties, some consider them carefully as their minds are triggered, and they tend to ask for another session to do more investigation and discussion amongst themselves. The couples can work on an informed decision and begin their new life chapter.
Do share your thoughts in the comments or drop me a line for a chat.
[Without Prejudice]
Comments