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How Assets Are Divided During the Process of Ending a Matrimonial Bond

How Assets Are Divided During the Process of Ending a Matrimonial Bond

Usually, we sign a legal document when we get married to someone. That is to legally declare we are partnering up with that person in a matrimonial bond. If we ever want to part ways just saying goodbye to each other is not enough. We have to put an end to the whole matrimonial bond by taking a legal action. In that action special attention is given to the way the assets of the couple are divided.

If you look at womens charter Singapore you can see how a court decides about the division of assets between the two partners who have put an end to their matrimonial bond.

Respecting Any Legal Document Prepared by Both Parties for This Matter

Some of the couples are in the habit of signing a legal document which declares the way the assets should be divided in case of putting an end to the matrimonial bond. This document is usually created before they get married. Some of them create such a document when they are thinking about going for a divorcing act. Either way if such a legal document is in place the court is going to take that into consideration as it already shows what the couple has agreed to do about their assets.

Contributions Made by Each Party

The court is going to consider how much of a financial statement each party has made towards the matrimonial bond during the period they were married to each other. There are times when only one party was making any financial contribution. However, there could also be moments where this one party could only make such a contribution because the other party provided them the freedom to do so by handling all other responsibilities. Therefore, the court is going to consider this situation very carefully.

Debts

Of course, the court is going to take any debts into consideration too. There can be times when one partner is swimming in debt when the other is not. If the debts are put into the account of the one who has nothing to do with them that is going to be unfair.

Needs of the Children

If the couple who want to end their matrimonial bond have children the court is going to pay special attention to those children too. Their needs are made a priority. Division of the assets cannot put the children in an uncomfortable position.

A court considers all of these facts before they declare any kind of judgement about the division of assets among the couple who are ending their matrimonial bond.

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