Source : The Sunday Times, Feb 17, 2008
Q I AM a widower. If I remarry now, will my current assets form part of the matrimonial assets that my new wife will receive in case of a divorce?
What about new assets acquired after my marriage to a new wife? Will these be the only assets considered for distribution upon a divorce?
A THE answer is that it will depend on a variety of factors.
If your assets, excluding the matrimonial home, are acquired as gifts or inheritance, and when these have not been substantially improved during the marriage by either your new spouse or by both of you, then this category of assets will not be open for division by the court in the event of a divorce.
On the other hand, if your asset is a property you purchased before the marriage and which you now share and use as a matrimonial home with your new spouse, then it is defined as a matrimonial asset that can be divided upon a divorce.
If you have other assets that you bring to the new marriage and where your new spouse or your children in the new marriage enjoy, or which have been substantially improved during the marriage by your new spouse or by both of you, then these assets are considered matrimonial assets and may be divided by the court upon a divorce.
Assets acquired during the new marriage are considered matrimonial assets and may also be divided by the court upon a divorce.
Koh Tien Hua PartnerHarry Elias Partnership
Advice provided in this column is not meant as a substitute for comprehensive professional advice.
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