Consent order or “Clean break orders” sever the financial ties between a married couple. Getting a divorce means ending the marital relationship. The next thing to do is to sort out the financial aspects of your relationship so that either you or your ex-spouse will be barred from making a claim for a share of your assets, property, income or pensions in the future.
The parties will set out in the Consent Order any financial agreement that they have reached at that time. Such order formally dismisses the right for you and your ex-spouse to ask for more money from each other in the future or entangle in more financial disputes.
Once drafted, approved and signed by both parties the Consent Order is submitted to the Family Justice Courts for approval. The procedure is very straightforward and does not involve either party attending court in most circumstances.
When getting a divorce you should always take advice on the severing of any financial ties and reach an agreement on a financial settlement if appropriate.
For advice on getting a Clean Break Order contact Yeo & Associates LLC on 62203400.
CPF funds and investment funds are often the largest or second largest capital asset in a marriage as all working Singaporean are required by law to contribute to their CPF accounts. As such, it is important that CPF funds are considered in the financial settlement if a couple decides to divorce. CPF funds are recognised as part of the matrimonial assets.
CPF funds and investment funds can be complex and confusing at the best of times, but the details need to be addressed carefully by a divorce lawyer aided by an experienced independent financial adviser if you and your lawyer think that is necessary. Yeo & Associates LLC works closely with some of the major players in the financial sector.
Frequently, one person has a substantial CPF funds and the other might have none or very little for instance, they have given up their job to look after the children. You and your lawyer need to consider if that CPF funds should be shared or if you should receive more of another asset, such as the home instead.
It is normally the house wife/house husband who has the lowest (if any) CPF provision, as the couple assume she/he will benefit from the husband’s CPF when he/she retires. There is no automatic entitlement to a spouse’s CPF but the court will pool all matrimonial assets together and look at all the facts and figures in each case.
Yeo & Associates LLC can help you find specialist advice when necessary.