Court revises asset division, factoring in pre-marriage savings and indirect contributions.
A man who was initially awarded 55% of the $13.2 million matrimonial asset pool in his divorce case will now receive an additional $1.3 million following a successful appeal. On November 18, the Appellate Division of the High Court in Singapore increased his share to 65%.
The court took into account the man’s indirect contributions to the family, ruling that the average division should be 60% in his favor. An additional 5% adjustment was made after recognizing that a significant portion of the assets originated from his pre-marriage savings.
The man, a successful banker, had at least $5.4 million in savings when he married, which he mixed with income earned during the marriage to cover household expenses. While he faced challenges in providing precise evidence of the origin of some assets, the court accepted that a substantial portion of the $13.2 million pool was derived from his pre-marriage funds.
This decision highlights the court’s stance against encouraging financial record-keeping purely for divorce settlements. Although improved financial documentation might have strengthened the man’s position, the court acknowledged that such practices are not typically anticipated within a marriage.
