Splitting of assets is one of the biggest things to deal with in a divorce or a separation, but it can be less painful with some help and advice from the experts at Lander and Rogers in Singapore
The end of a relationship is never easy; there’s the emotional turmoil, and there’s the physical separation of a life that two people once shared. And no matter how unwilling you are to face it, money is undoubtedly an area that gets the most attention in a divorce. It gets trickier for expat couples: the law of more than one country can apply in relation to how your property and other assets are divided.
But, this doesn’t mean that you’re inevitably headed for a messy and nasty split in the courtroom, says the experts at Lander & Rogers, a specialist in family law services in Australasia and the rest of the world. We ask them to share some helpful advice on how best to tackle property and financial settlement in Singapore and beyond without going insane:
Take note of time limits
Property and financial settlements for married or de facto (or common law, as they are also known) couples can happen the moment they decide to call it quits. This means there’s no need to wait until the divorce for negotiations to take place. But, if the divorce is final and an agreement can’t be reached, the couple must then issue court proceedings within a period of time, which can differ from country to country. In Australia, court proceedings must be filed within 12 months from the date of divorce, while the time limit in common law is two years from the date that you separate.
Document your settlement
Once there’s an agreement, it’s very important to legally document and formalise all the terms to prevent any further changes or future claims. There are several ways to formally agree and document the division of your property and financial assets. The most common is through a financial agreement (or a”post-nup”). Alternatively, a court order, which can be done regardless of whether your settlement is negotiated or litigated, can be obtained.
Know the terms and laws
The definition of legal terms may be different in two countries. Under Australian family law, for example, the term “property” is broad. Assets including real estate, shares, cash, motor vehicles, and superannuation will be divided, but assets held in family companies and trusts may be regarded as property, depending on the circumstances.
Careful structuring or drafting of your settlement documents may be required to effectively transfer assets held in companies or trusts, or to remove you or your ex from involvement in corporate structures following separation or divorce. In order to avoid adverse duty or tax consequences, obtaining specialist advice is critical in any property settlement.
The “Five Step Process”
Australian lawyers typically go through a “Five Step Process” to determine how combined assets should be divided between couples. This involves:
- determining whether it is fair to alter each of your existing asset-holdings,
- taking into account each of your assets and liabilities,
- assessing what contributions you have each made to your relationship (these can include both financial and non-financial contributions),
- assessing each of your future needs (for example, where one person will have full-time care of the couple’s children), and
- determining whether a court would view the final division of your assets as being fair and reasonable for both you and your ex.
Nevertheless, even if you are not living in Australia, it may still be possible for you to have your property settlement dealt with under Australian law.
Need more help?
Expat law firm Lander & Rogers offers free, no-obligation consultation over the phone to help you get started on the right foot. A leading provider of family law services in Australasia and internationally, the law firm has significant experience in all aspects of family, financial, property and other related matters involving married and de facto couples, including same-sex couples and those residing in Singapore. Its friendly team of family lawyers includes Accredited Specialists, qualified mediators and collaborative lawyers, who are renowned in Australia for their exceptional client service and down-to-earth attitudes, which is welcoming during a stressful and complicated time. To find out more, visit their website.
This article is sponsored by Lander & Rogers.
