Good article. That why when look for lawyer get a few opinion before you decide on one. As there are many outside not even familiar with family lawsEx-wife awarded over half of $13.8m in assets
Source: Straits Times
Article Date: 21 Dec 2019
Author: Dominic Low
The man and his ex-wife, both 62, had been married for 35 years and have four adult children. In 2017, she filed for divorce after discovering that he had been having an affair.
The High Court has awarded the former wife of a business executive in divorce proceedings more than half of their matrimonial assets worth $13.8 million, stating that she had prioritised their children over her career.
In his judgment published on Thursday, Judicial Commissioner Tan Puay Boon said that in dividing the assets, he also took into consideration the duration of the marriage and the man's failure to make full disclosure of his income and assets.
Among other things, the man did not submit income tax statements for his employment in China, or supporting documentation of his insurance policies, Chinese bank accounts and overseas investments.
He also took $1.25 million of proceeds from the sale of a property which the couple had held jointly, but failed to account for such withdrawal.
The man and his ex-wife, both 62, had been married for 35 years and have four adult children.
In 2017, she filed for divorce after discovering that he had been having an affair. An interim judgment was granted in February last year, with issues of matrimonial asset division and maintenance left for the High Court to decide on Thursday.
In distributing the assets between the parties, the judicial commissioner eventually determined the ex-wife's share of the assets to be about $7.3 million.
As the portion of the assets currently held by the former wife amounts to about $3.3 million, he ordered the man to transfer the shortfall of about $4 million to her.
However, he did not award the ex-wife any maintenance. Rejecting her proposal for a lump-sum maintenance of $270,000, he stated that she already had a substantial share of the matrimonial assets, including property at Robertson Quay which she was receiving rental income from.
She was also receiving financial support from her three older children.
He pointed out that she would be receiving an additional $4 million from the man as a result of the division of the matrimonial assets.
In relation to their youngest child, who is 21 years old, the judicial commissioner noted that both parties were willing to financially support the child's overseas university education.
He ordered them to collectively maintain the child and share the costs of her university expenses, but left it to the parties to determine the proportions of such maintenance.