Dividing assets in a divorce can be complex and emotionally charged. In this video, we explain how courts in different jurisdictions approach asset division, what factors influence the outcome, and how to protect your interests especially in cases involving complex structures or hidden assets.
Transcript
[Ivan Cheong]
Deciding how your finances and assets will be divided upon divorce
can be one of the most challenging areas of separation. You might
be worried about what will happen to your assets – whether
they will remain held in your own name, or be divided, and a
portion be given to your spouse.
[Billy Ko]
There is no 'one-size-fits all' approach when it comes to
working out the division of assets. In some jurisdiction, whilst a
50/50 split is often the starting point for negotiations, the
ultimate goal is to achieve a fair settlement for you and your
family, which may not always mean equal division. Factors such as
the length of marriage, financial contributions of each spouse, and
the needs of both parties, particularly if you have children, can
all influence the outcome.
[Ivan Cheong]
In other jurisdiction, the court will ascertain which assets form
part of the pool of matrimonial assets, whilst considering the
parties' direct and indirect contributions to the marriage
before arriving at a just and equitable division.
[Billy Ko]
Understanding the financial landscape is essential. There is a duty
for both of you to disclose the assets to the court and to each
other. While some cases are more straightforward, others involving
trusts or complex assets may require a more well-planned advice. If
you are concerned that your spouse may hide assets, which can
complicate the division process, we can advise you on the best
course of action to ensure you are best protected.
[Ivan Cheong]
Understanding the legal aspects of asset distribution can
strengthen your position during divorce proceedings, and we can
help you navigate any potential challenges and complications,
providing clarity and support throughout the divorce process.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
