Sentences with phrase «parties of any matrimonial asset»
A Singapore court that grants a judgment of divorce, judicial separation or nullity of marriage, has the power to order division between the parties of any matrimonial asset or the sale of any such asset and the division between the parties of the proceeds of the sale of any such asset «in such proportions as the court thinks just and equitable.»
http://www.internationalfamilylawfirm.com/ Not exact matches
Thus, said the judge, and by reference to White v White [2001] 1 AC 596, [2001] 1 All ER 1, «each party has contributed equally to the marriage» But for the séparation de biens marital property agreement, the judge took the view that he was «satisfied that, applying s 25 of the Matrimonial Causes Act 1973 (MCA 1973), giving first consideration to the welfare while minors of the three minor children and applying the checklist in s 25 (2), this would undoubtedly be a case for equal division of the assets».
The starting point is that matrimonial assets should be split on a 50/50 basis however this may be departed from after considering the children's needs, the length of the marriage, the ages, health and income earning capacity of the parties, the standard of living enjoyed during the marriage, needs and any other relevant circumstances.
Both cases dealt with an ante-nuptial, or pre-nuptial, agreement and the weight which should be given to it on division of the parties» assets in matrimonial financial order proceedings.
In Scotland, the law makes it very clear that only the «matrimonial property», that is to say, the asset - base built up between the date of the marriage and the date of the parties» separation, comes into the equation.
Such factors include «any agreement between the parties with respect to the ownership and division of the matrimonial assets made in contemplation of divorce.»
The expert testified that a competent matrimonial lawyer would have ensured that the plaintiff understood that disclosure of information to her satisfaction was available, and that in order to prepare a complete matrimonial property statement of the parties» assets and liabilities, further information was required.
However, the duty of matrimonial disclosure necessarily extends above and beyond disclosure in a commercial or civil claim, because all assets held by either party to a family dispute may form part of the marital acquest.
Therefore, case law now suggests that the value of assets which have been dissipated in matrimonial cases in Australia will not be added back, regardless of whether those assets have been dissipated deliberately and recklessly by one party or, with the sole intention to reduce the matrimonial assets available for distribution.
In general terms matrimonial property includes all assets belonging to the parties individually or jointly which was acquired during the period of marriage and held as at the date of separation, less any debts similarly held by the parties individually or jointly as at that date, subject to a few exceptions.
Charles J's award focused on achieving an overall fair result for the parties and reflects the power of discretion available to the court when assessing matrimonial assets.
Whilst assets which are acquired by way of gift or inheritance from a third party during the marriage are generally excluded from the definition of matrimonial property, if there is a change in nature of the asset during the course of the marriage, the asset could be converted into matrimonial property.