Court revises asset division based on pre-marriage funds and indirect contributions.
A man who initially received 55% of the $13.2 million matrimonial asset pool in his divorce case will now receive $1.3 million more, after partly succeeding in his appeal. On Nov 18, the Appellate Division of Singapore’s High Court raised his share to 65%.
The court considered the man’s indirect contributions to the family and ruled that the average division should be 60% in his favor. It then adjusted this by 5% after acknowledging that a significant portion of the assets was derived from his pre-marriage savings.
The man, a successful banker, had over $5.4 million in savings when he married. These funds were mixed with income earned during the marriage and used for household expenses. Despite difficulties in providing exact evidence of the origin of certain assets, the court accepted that a large part of the $13.2 million pool came from his pre-marriage funds.
The court’s decision emphasizes the importance of not encouraging financial record-keeping solely for divorce settlements. It acknowledged that while better financial documentation might have supported the man’s case, such behavior is not typically expected in marriage.
