THD¡¡v¡¡THE¡¡[2015] SGFC 136

there was a dispute in respect of the sum of $340,000 which had been withdrawn by the Wife from her bank accounts in the months preceding the granting of the Interim Judgement.

11¡¡¡¡¡¡¡¡¡¡In this regard, it was undisputed that the Wife had made cash withdrawals of $210,000 on 6th March 2013 and $130,000 on 6th November 2013 for the purpose of creating two trusts in favour of the daughter [Note 1]. The Wife explained that she had taken these steps to ¡°bypass the probate process¡± in the event of her untimely death. The Husband contended that these amounts should be included into the matrimonial pool as the Wife¡¯s assets.

12¡¡¡¡¡¡¡¡¡¡The Husband¡¯s counsel referred to the commentary made by Professor Leong Wai Kum in Elements of Family Law in respect of the unreported case of¡¡CH v CI¡¡[2004]SGDC 131 where she commented at page 584 in respect of insurance policies as follows:

¡°Where no irrevocable trust has been made, the court will have full powers to order as it sees fit of this matrimonial asset¡­.. where an irrevocable trust is made to benefit some other person, the value of the policy will be among the other assets in the basket of ¡°matrimonial assets¡± but again in its consequential order to achieve the proportions of division, the court will ensure that the spouse-policy holder will obtain this asset so that she will then take whatever steps she sees fit with regard to whether to change or terminate the trust created.¡±

13¡¡¡¡¡¡¡¡¡¡While the above comments were made strictly in respect of insurance policies, the general principles observed in my view apply equally to the current situation. Regardless of whether the trust was revocable or irrevocable, it was clear that these amounts should be included as assets in the basket of matrimonial assets. I also found the timing of the creation of these trusts, one shortly before and one shortly after the commencement of divorce proceedings on 14 June 2013, telling. It was on this basis that I accepted the Husband¡¯s position and considered that this sum of $340,000 should be included as part of the matrimonial assets. As the Wife had provided no details as to whether the trust was irrevocable or revocable and I was mindful to consider that it would be best in the circumstances if this sum is attributed to the Wife in making my final consequential orders to achieve the proportions of division of the matrimonial property.