It is life and anything can happen. People meet, fall in love, marry and there are times when they divorce, too. Nowadays, when money and fortune define everything, people are highly interested what will happen to their money, HDB flat or fortune after divorce.
In a divorce, any property that you and your spouse have will be considered the largest asset to divide.
If you have an HDB flat, it is considered to be a matrimonial asset that will be divided upon divorce.
The Women’s Charter defines that any matrimonial assets is an asset of any nature, does not matter acquired during the marriage by one or both parties. There are several conditions under which the asset will only be a matrimonial asset –
1. First of all, if the HDB flat is used or enjoyed by both parties or one or more of their children, it is considered to be an asset;
2. Second, the flat is considered to be an asset, if it has been improved during the marriage by the other party or by both parties to the marriage.
But if the HDB flat is inherited from a parent who passed away or is a gift from a family member, it will not be a matrimonial asset. But if that gift or inheritance becomes the matrimonial home, it can be considered an asset.
Who can keep the flat?
There are several situations to be considered while divining the assets during divorce. Let’s take into consideration several stations:
Situation 1: When the divorcee has the child living with her/him
If the divorced party has the child living with her/him, he/she can retain the flat.
Situation 2: When the divorcee is eligible under the Single Citizen Scheme
If the divorced parties have no children, the flat can still be retained under the Single Singapore Citizen Scheme, under the following conditions –
• If the divorcee is a Singapore citizen
• If the divorcee is at least 35 years old
• If the HDB flat is a resale flat purchased from the open market
If you can retain that HDB flat both, having some shares from it, you can just follow these steps in order to refrain from stress. These guidelines will help you avoid all the stresses of dividing what you have:
First of all, pick an agent
That will ease your job greatly. When selling the property, where you once were happy is really stressful, so the agent will take all the deeds on himself/herself.
Second, settle the price
You can, of course, consult the agent about the price. It is important to estimate the right price in order to benefit.
Third, prepare the HDB flat for showing the potential buyers
It is not an easy task to prepare the flat for being sold. You should be ready to do minor repairing, changes and cleaning of course. You should show the buyers that your HDB flat is in the best condition.
Forth, you should review all the offers with the agent
You and your spouse should meet with the agent and discuss the best offers made by the buyers. It is important to consult the agent, as he/she is a specialist, who knows better who to choose. It may be hard, but the couple must work together when reviewing the offers. Of course, you can ask the agent from a good piece of advice, but remember, you have to make the final decision together.
Fifth, dividing the money
This is the final step of the process. The money should be divided according to all the laws.
Above are the complicated legal procedure relating to HDB flat. Things may not be as complicated if the house is a condo.