Before filing for divorce and making decisions that could affect you in the long term, it is useful to understand your financial position, identify the issues that may need to be resolved and obtain advice.
Taking these steps early can give you a clearer picture of what the divorce process may involve, what information you should gather and where agreement may be possible, before proceedings begin.
Key Points
- Identify your assets, liabilities, income and expenses before making major decisions.
- Identify which issues are already agreed and which may become disputed.
- Gather important financial, property and CPF documents early.
- Consider the practical arrangements for your children, housing and ongoing expenses.
- Early legal advice can help you assess your position and plan the next steps before filing.
Understand Your Financial Position Before Filing
Do your homework regarding the range of expenses involved in your divorce.
Preparing financially for divorce, however, involves more than budgeting for legal fees. Before filing, identify and construct a clear picture of the assets, liabilities, income and expenses, that may need to be considered.
This may include the matrimonial home, CPF monies used for housing, bank accounts, investments, insurance policies, shares in any businesses, overseas assets, loans and other liabilities. You should also consider your personal expenses and, where relevant, your spouse’s and the children’s ongoing expenses.
Gathering documents early, such as CPF housing statements, mortgage loan documents, bank and investment statements, property documents and income records, can make it easier to understand your financial position and locate information that may still be missing.
The cost of the divorce itself will depend on whether the divorce and ancillary matters are agreed, the complexity of the issues, the work required and the stage at which any disputes are resolved. You can also review our guide to divorce fees.
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Identify the Issues That Need to Be Resolved
Before filing, it is useful to separate what is already agreed from what remains in dispute. A divorce may become more complicated not simply because there are children or significant assets, but because the parties disagree about how various matters, from the divorce to the ancillary matters, are going to be dealt with.
Consider whether you and your spouse agree to the reason of the divorce itself and, separately, whether you agree on each of the ancillary matters. These may include what happens to the HDB flat or private property, how matrimonial assets should be divided, maintenance and arrangements for the children.
Identifying the actual areas of disagreement can help you understand whether further discussion or mediation may be useful, and whether the matter is likely to proceed on an uncontested or contested basis.
If settling matters amicably is an option, then it is recommended that your divorce lawyer be trained and proficient in both Mediation and Collaborative divorce process.
Where appropriate, resolving issues by agreement can reduce the number of matters, that ultimately need to be determined by the Court.
Read more:
Collaborative Divorce in Singapore
Family and Divorce Mediation
Legal Advice Before Making Major Decisions
Before agreeing to settlement terms or making significant decisions involving property, finances or children, it is important to understand the legal and practical implications of the options available to you.
GJC Law’s family law team advises on the full range of issues that can arise before and during divorce proceedings, including the division of matrimonial assets, HDB and private property, CPF monies, maintenance and arrangements for children. Our matrimonial lawyers also handle both uncontested divorces and complex contested matters where agreement may be more difficult to reach.
For example, before agreeing to sell or transfer a matrimonial home, there may be questions involving CPF refunds, outstanding loans and how the proposed division will affect your overall financial position. Similarly, proposed parenting arrangements should be considered not only in terms of what is being offered, but how those arrangements will work for the children in practice.
Getting advice early allows you to understand your position before committing to an arrangement that may be difficult to change later. It can also help identify issues that have been overlooked and provide a clearer strategy for approaching negotiations, mediation or, where necessary, Court proceedings.
If you are considering divorce and need advice on your individual circumstances, a 30- or 60-minute Strategic Divorce Consultation with a GJC Law family lawyer can be used to review your position, identify the key issues and discuss your available options before you decide on the next steps.
Other Practical Matters to Review
Importantly, you should review the beneficiaries / nominees / joint owners for any life insurance policies, retirement accounts, wills and bank accounts.
Different assets, nominations and estate-planning arrangements may operate differently. Before making changes, consider obtaining advice on what should be changed, when any changes should be made and the legal effect of doing so.
You may also wish to consider practical matters, such as whether you have access to important personal and financial records, household liabilities, joint accounts and your anticipated housing arrangements during and after the divorce.
Read more:
Matrimonial Assets before Marriage
Frequently Asked Questions
Useful documents to gather may include CPF housing statements, mortgage and property records, bank and investment statements, income records, information about liabilities and records of significant household or children’s expenses. The documents required will depend on the issues in your case.
There is no single answer that applies to every case. Moving out may have practical implications for housing, finances and arrangements for the children. If there is a chance that the division of the matrimonial home or children’s living arrangements may become disputed, consider obtaining legal advice before making a major change.
It can be sensible to understand how joint accounts, loans, credit facilities and regular household expenses are being managed. However, avoid making significant transfers or financial changes without understanding the possible implications that such actions might have on the divorce proceedings and finances.
Transactions made before or during divorce proceedings may become relevant when the parties’ financial circumstances and the division of the matrimonial assets are a live issue. If you are concerned about ringfencing assets and ensuring you have enough funds to pay for your expenses, obtain advice before making substantial withdrawals or transfers.
Parties in divorce proceedings may be required to provide financial information and documents relevant to the ancillary matters. If you have concerns about undisclosed assets, preserve the information and documents already available to you and seek advice on the appropriate next steps.
You should. Speaking to a lawyer before filing or beginning settlement discussions can help you understand the legal and practical issues in your circumstances, particularly where there are children, property, substantial assets or financial concerns.
Planning Before You File for Divorce
If you are considering divorce but have not yet filed, a Strategic Divorce Consultation can help you understand your position before important decisions are made.
During the consultation, a family lawyer can review the issues involving your assets, children, maintenance and other circumstances, identify matters that may require closer consideration and discuss possible next steps.
30- and 60-minute Strategic Divorce Consultations are available.
We’re Here for You
We offer a range of consultation options depending on the guidance you need, from a Free 20-minute Divorce Process Consultation to a Strategic Divorce Consultation for personalised legal advice.
Contact us and we can help you choose the right option for your circumstances.
