Do You Need to Update Your Will After Divorce in Singapore?

Posted 2024-03-26 07:27:20

Marriage is one of the purest unions on earth, but sometimes things don’t go as planned, and despite efforts, divorces happen. The practical side of divorce involves dividing assets like home. If both man and woman split the cost of the house, deciding who will keep the home and who will be left homeless without a share gets messy.

Things are never in favor of both parties, and common scenarios include oversimplifications like “I paid more for the home, so it should be mine.” Let us discuss all the scenarios of a divorce in Singapore in detail. If you already have a will in Singapore, you might need to update it based on our current situation.

One Person Contributed to the Property, but the Deed is Not in Your Name

This is one of the common scenarios that happen often. The property is under the name of the husband, while the wife is the one who pays the downpayment, maintenance fees, and stamp duty fees or vice versa. The property distribution of such properties is not easy in such cases. The following factors are taken into consideration:

Length of marriage
Direct and indirect contributions
Needs of children (if any)
Other financial and non-financial contributions.

These situations are complex, and you will need a lawyer to advise you.

You Got the Property Through a Will by Your Parents

Many Homeowners think that a spouse can’t claim property gifted by parents. This is true, but not this simple.

Inherited or gifted assets are not included in the division. However, in some situations, inherited property can be transformed. Suppose the property is used as a matrimonial home or the family used to live in the home together for a substantial part. The property is considered transformed and can be subject to division during divorce.

Both Are Owners of a Tenanted Property

Sometimes, couples own more than one property and rent them out for income. Now the question is what would happen to rental income now if the couple were to be divorced.

The solution to this issue can take different turns, such as both parties agreeing to co-own the property and splitting the rent. However, in such a situation, parties need to decide on an existing plan for the future, such as what will happen if one partner wants to sell the property. Moreover, if the property is HDB, the co-owners need to be a family, so the couple will need to sell the property in the open market or transfer it to one person.

Will Divorce Revoke a Will?

It is great to have a will, but circumstances can change with divorce. Divorce will not necessarily revoke a will. However, feelings and intentions change after the divorce as compared to intentions during the marriage. If your will includes a part of their estate to the spouse, it will be still effective after a divorce.

You need to update your will or make a new will to revoke old one. This will make things easy for your loved ones post your death. If you are looking to create a will reach out to NobleWills. They help in making a will in Singapore online. You can also contact them for assistance while writing will. Reach out to their website now!