Asked by Anonymous
Hi,
Situation
My wife and I are in the midst of seeking a divorce. We own an EC which is past its MOP. I want to give her the EC but cannot yet do it, as it would mean I have to return a significant sum to the CPF.
Questions
1. Can we remain status quo and remain co-owners of the EC after divorce? Would the government force me to give up my co-ownership?
2. How does this impact my ability to purchase future properties since I am an owner of a property already?
3. If in the future, I relinquish my ownership of the EC, does it impact my wife's standing with the bank, in that her ability to finance the mortgage loan may come into question?
Any other thoughts or advice would be much appreciated.
Thanks so much!
Situation
My wife and I are in the midst of seeking a divorce. We own an EC which is past its MOP. I want to give her the EC but cannot yet do it, as it would mean I have to return a significant sum to the CPF.
Questions
1. Can we remain status quo and remain co-owners of the EC after divorce? Would the government force me to give up my co-ownership?
2. How does this impact my ability to purchase future properties since I am an owner of a property already?
3. If in the future, I relinquish my ownership of the EC, does it impact my wife's standing with the bank, in that her ability to finance the mortgage loan may come into question?
Any other thoughts or advice would be much appreciated.
Thanks so much!
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