Background
This involved the marriage of the husband, a Singapore Citizen, and the wife, a Chinese national and Singapore Permanent Resident. The parties were married in 2004 in Guangzhou, China. They have two children together, aged 17 and 10. The husband is a senior engineer, and the wife is a homemaker.
The wife is appealing for the CPF withdrawals by the husband to be included in the matrimonial assets. In this case, the husband had withdrawn $200,000 to $300,000 from his CPF account from 2018 to 2020. However, he claimed he had withdrawn the money to support the family.
He also provided bank statements between 2018 and 2020 to prove that he had made regular transfers to his wife’s account.
Findings
Given that the husband had shown sufficient evidence to prove that the CPF withdrawal during the marriage was for the benefit of the family, the withdrawal will not be included in the matrimonial assets.
The court had dismissed the wife’s argument concerning the husband’s unilateral withdrawals.
Learning Point
Many divorce cases involving unilateral fund withdrawals are ordered to be included back in the matrimonial pool for division. As such, it is important to account for your withdrawals and justify the purpose of withdrawal, especially after the divorce proceeding is commenced. Withdrawals may be excluded from your matrimonial assets if you can provide evidence that it is for the benefit of the family.
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You are encouraged to seek legal or professional advice for any matters relating to divorce.
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