(106) MATRIMONIAL PROPERTY ON BREAKDOWN OF MARRIAGE
Voice
The parties can make their own arrangements about division of property on the breakdown of marriage. This may save time and expense. A spouse who later becomes dissatisfied with the agreement is not barred from making an application to the court for variation. However, if he or she received legal advice and had full knowledge of the other party's financial circumstances, it is unlikely that the court will overturn the agreement unless there is a change in circumstances or special circumstance like fraud.
The court had powers under the Matrimonial Proceedings and Property Ordinance to make orders in relation to the parties' property, in particular, the matrimonial home or settlement of property regardless of existing proprietary interests. In coming to its decision, the court will take into account the following factors:-
(1) the parties' resources (present and in the foreseeable future);
(2) the parties' obligations (this includes second families though assets of a second spouse may be taken into account as a resource);
(3) the standard of living of the parties during the marriage;
(4) the length of marriage and the age of the parties;
(5) any physical or mental disability;
(6) contributions to the welfare of the family including payment of mortgage installments in respect of the matrimonial home, performance of household work and contribution to the family business. Subject to the above facts, the starting point is that the wife is usually entitled to one third of the joint assets.
Hence each must give a detailed and frank disclosure of his or her means to the court.
Regarding a tenancy of the matrimonial home in the name of the husband, the court can order him to transfer the tenancy to his wife, subject to the landlord's consent, if required. So for public housing, it is the policy of the Housing Authority to transfer the tenancy to the party who has custody of the children. If there are dependent children, the court may defer the sale of the matrimonial home until they reach majority.
Date of amendment: 1st October 1992
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