What Happens to Your Home After Divorce?
If your home is deemed to be a matrimonial property, it is liable to be divided. Otherwise, it will not be divided and the party having ownership of the property can retain the property after divorce.
What Happens to Your Home After Annulment?
The same principles (as divorce) shall apply. However, if your matrimonial home is a HDB flat, you may have to surrender your flat to the HDB in return of a surrender value that is based on HDB’s valuation of the flat. You may instruct your solicitor to submit an agreed property plan to HDB for the HDB to evaluate your case.
Transfer of Home Ownership After Divorce
Transfer of home ownership after divorce will take place if the Court is of the opinion that it is fair and reasonable for one party to do so. This is regardless of whether the property is in joint tenancy (both parties own the property as a whole) or in tenancy-in-common (parties own the property in stipulated proportions).
The Court will not interfere with the transfer of home ownership after divorce if parties have an agreement (known as draft consent order).
Criteria for Transfer of Home Ownership After Divorce
If the matrimonial home is a HDB flat, transfer of home ownership after divorce can take place if the transferee:
1. Has care and control of the children of the marriage.
2. Is a Singapore citizen above the age of 35 and the matrimonial home is a resale flat purchased from the open market without the CPF Housing Grant for Family.
For HDB flats bought directly from the HDB and resale flats bought with the CPF Housing Grant for Family, the 5-year minimum occupancy period must be met before one party can retain the flat under the Single Citizen Scheme. Otherwise, the party seeking to retain the flat may include another person to retain the flat with, subject to eligibility criteria.
Assuming that all eligibility criteria are met and you have a Court order stipulating the transfer of home ownership after divorce, you will need to appoint a lawyer either from the HDB or a private law firm to handle the transfer of home ownership after divorce. Your conveyancing lawyer will assist you with the transfer process and provide you with a list of documents (including your divorce certificates and NRIC) needed for the transfer of the HDB flat.
How Much to Pay for the Transfer of Home Ownership After Divorce
If you and your ex-spouse have arrived at a figure, the Court will not interfere with the figure. Otherwise, the Court has the power to order a transfer of home ownership after divorce upon spouse A paying a sum of money to spouse B.
Other costs payable include:
1. Administrative fees.
2. Stamp duties.
3. Conveyancing fees.
Transfer of Private Home Ownership After Divorce
You will not be subject to HDB’s eligibility criteria if you are looking to transfer ownership of a private home. However, you will need to engage a private solicitor to effect the transfer of private home ownership after divorce. Similarly, a sum of money may be paid to the transferor, depending on either parties’ agreement or the Court’s decision.
After Transfer of Home Ownership After Divorce
The transferee (i.e. party who retains the home) will be solely responsible for the payment of the mortgage loan unless the transferor agrees to continue to contribute to the mortgage loan. The transferee must meet eligibility criteria to refinance the outstanding mortgage loan to prevent the home from being sold in the open market after the divorce.
Is Payment to the Transferor a Must?
No. If parties agree that no payment shall be made, then no payment shall be made. Otherwise, it will be left to the Court’s decision.
In fact, even CPF refunds need not be made in the event that the Court order stipulates that no CPF refund needs to be made. Should the transferee sell the home later on, the money received will not be used to refund the transferor’s CPF account (if the original divorce Court order indicates that no refund shall be made).
Should you need advice on the transfer of home ownership after divorce, you should consult an experienced divorce lawyer. Contact us at +6598330314 (whatsapp) for more information.
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