facebookHow much is divorce fees for each side when both sides have agreed beforehand that wife will take the HDB flat while husband keep his life savings? - Seedly

Anonymous

17 Feb 2021

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How much is divorce fees for each side when both sides have agreed beforehand that wife will take the HDB flat while husband keep his life savings?

In terms of monetary value is it 50%-50% each side?

AMA SingaporeLegalAdvice.com

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June Lim (Managing Director of Eden Law)

17 Feb 2021

Partner lawyer at SingaporeLegalAdvice.com

The division of matrimonial assets is a key concern for most parties when they consult lawyers about divorce proceedings, since real estate is expensive in Singapore and about 80% of Singaporeans live in public housing. It is a common misconception that matrimonial assets are divided equally between couples upon divorce by default. In reality, the division of matrimonial assets is determined through a mathematical calculation of parties' direct financial contributions (i.e. payments towards the purchase of the property and housing loan) and indirect contributions which include factors such as length of marriage, children, payments for household and children's expenses etc. Based on case precedents and with experience, matrimonial lawyers should be able to tell you what the division of matrimonial assets will roughly be at your first consultation session. Specifically, you should determine the total pool of matrimonial assets (i.e. the nett equity of the HDB flat after deducting outstanding housing loan, value of insurance policies, monies in bank accounts, shares, CPF monies) before deciding whether keeping the HDB flat is a fair and reasonable division. I will not comment on professional fees since this varies from lawyer to lawyer.

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