This is a contributed article written by Mortgage Plus, a Singapore-based mortgage advisory, and a member of Philip Capital.
For many couples, the home is not just their largest financial asset, it is also where family life was built. This makes deciding what to do with it during a divorce especially difficult. Once decisions and agreements are made, the divorce is finalised with a court order, which also includes the percentage division of assets. Thereafter, all property decisions made will be based on the agreed percentage each owner owns.
When going through a divorce, the most clear-cut way is to sell the property on the open market, and the division of assets happens once the sale is made, according to the court order. However, if one party decides to buy over a portion of the share, the situation becomes a bit more complicated.
But before we delve into the details, here are some useful definitions of phrases...
