Why do I have to effect the transfer/sale of investments under the distribution of CPF savings in matrimonial proceedings? What happens if I do not come forward to effect the transfer/sale of investments?
You are solely responsible for presenting the Court Order and/or completing the necessary forms at the relevant financial intermediaries to effect the transfer/sale of investments because the financial intermediaries require authorisation and instruction from the owner, i.e. you.
If you do not sign the transfer form, your ex-spouse may apply to the Court for the Registrar of Court to sign the transfer form on your behalf. Your ex-spouse will need to furnish the required information (eg, Divorce Petition number, both of your names, contact numbers, CPF account numbers, Investment Account numbers, names of agent banks, name of your investments, name of financial intermediaries, etc) to complete the transfer form.
If you do not sell the investments as ordered, and the investments are such that they cannot be sold without instruction being given personally by you (as required by the financial intermediaries), your ex-spouse may request for the Court Order to be varied to transfer your investments to him/her instead. As this depends on the nature of the investments, your ex-spouse should make the necessary enquiries with the financial intermediaries concerned before obtaining the appropriate order.
