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WHAT IS AN AFFIDAVIT OF ASSETS AND MEANS

PKWA Divorce Lawyers

PREPARING YOUR AFFIDAVITS OF ASSETS AND MEANS .

Affidavits of Assets and Means is a lengthy prescribed form used in contested divorce cases in Singapore.  Each party gets to answer the same questions and there is no room for either party to say that they simply forgotten to mention an asset.

In a contested divorce, the divorce process consists of 2 stages.  At the first stage, the Court will only deal with the termination of the marriage itself.  Stage 1 ends when the court issues the Interim Judgment (provisional divorce).  The divorce process then moves to the second stage.  At the second stage, the Court will deal with the ancillary matters such as children issues, maintenance, division of assets.

At the end of the first stage when Interim Judgment has been issued, the court will ask parties to submit and exchange an Affidavit of Assets and Means. Parties would have to disclose all the information on their assets, income, expenses, liabilities and financial and non-financial contributions made to the family.

The Affidavit of Assets and Means is the first stage in the disclosure process. This is a lengthy prescribed form which requires you to set out the assets you own and the income you receive.  In the Affidavit of Assets and Means, each party is required to set out all their assets, including those held in trust.  Parties are also required to state their liabilities and expenses.

The Affidavit of Means are exchanged and each party gets to examine the other’s disclosure. In analyzing what has been provided, your lawyer can ask further questions and can consider what additional information is required.  In very contentious divorces where there is a suspicion of asset dissipation, several rounds of questioning and request for further documents and information are not uncommon.

It is a fundamental and cardinal rule in Singapore divorce system that parties must make full and frank disclosures of all their assets and means.  Failure to do so may result in the court drawing an adverse inference which means the court may award a greater share to the other spouse.

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ABOUT PKWA FAMILY LAW 

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At PKWA Law, our team of Family Lawyers are consistently named as leading Singapore family and divorce lawyers by respected legal publications such as Benchmark Litigation Asia Pacific, Straits Times, Asian Legal Business, Singapore Business Review and Doyle’s Guide.

Contact us at tel 6854-5336 for a free first consultation.

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Disclaimer: The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only, and to enable you to learn more about our firm, our services and our lawyers.  Information on this website may not constitute the most up-to-date legal or other information.  Readers of this website should engage a lawyer to obtain advice with respect to any particular legal matter.

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