The current crisis brought about by the worldwide spread of COVID-19 (or more commonly known as the Coronavirus) is the latest major economic downturn the world has seen since 2009. For parties who are currently in the midst of a divorce, the economic recession inevitably affects how assets are being valued and subsequently divided.
The Singapore Court’s goal is to achieve a fair division of matrimonial assets, but this has become doubly difficult to attain in light of the state of global economics.
One important matrimonial asset that parties will be concerned about is the matrimonial home.
There is uncertainty in the real estate market – buyers are unwilling to invest in homes and sellers are hesitant about opening their homes for a private viewing. It is no surprise that, at present, the value of your matrimonial home will be negatively affected. This has a great impact on parties who intend to transfer their share of the matrimonial property to the other. The transferring party will have to keep in mind that the monetary value that they are receiving for their share of the house is likely to be lesser than before the pandemic.
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At Gloria James-Civetta & Co, we offer a free 30-minute consultation with one of our lawyers, who will explain the divorce process and assess whether you meet the requirements to file for divorce in Singapore.
Another important matrimonial asset that is affected by the economic downturn are shares and stock options. Many major stock exchanges around the world are reporting record lows. For parties who are in possession of substantial shares or stock options, it may be wise to consider the possibility of the transfer of shares or stocks instead of liquidating them for the division at this point in time.
If you are unsure about how your matrimonial asset should be valuated during this current recession, our team of Specialist Divorce Lawyers at Gloria James-Civetta & Co. can assist. We can provide you with tailored advice on how you should deal with your matrimonial and personal assets in order to achieve the best results in your divorce.