Want to feel secure that what’s yours is yours? We spoke to the legal team at Lander & Rogers for expert advice on how financial agreements can help ease the pain during a stressful separation
Separation or divorce might be the last things on your mind when you’re about to get married or have been happily married for some time. But when property and finances come into the mix, sometimes it’s a good idea to don that sensible cap and ask “what if…?”. Especially in Singapore, where so many of us live far away from the support network of family and friends. Though a tricky subject to broach, a little prep now could save a lot of heartache, time, and money in the future. And who knew that under Australian law, there are positive steps that you can take to protect your property and financial resources, even if you do not live in Australia or are not an Australian citizen? These are the legal (it’s dry, but essential!) things that you should get savvy with.
What is a Financial Agreement?
Financial Agreements are legal documents which allow you and your spouse to determine how your assets are to be dealt with, in the event that you separate or divorce. You can use a Financial Agreement to specify how all of your assets, financial resources, and liabilities would be split, and whether one of you will pay maintenance to the other person. These types of Financial Agreements are particularly effective at preventing your former spouse from trying to claim maintenance many years after separation.
How do they work?
Familiar with the phrase “what’s mine is mine and what’s yours is yours”? A Financial Agreement makes it explicit who owns what, and allows you to agree what would happen to any jointly acquired assets. It also helps to protect inheritances which you anticipate you may receive. This crystal-clear approach ensures you’ve got one less thing to worry about should the worst happen.
Why is this useful?
Taking steps to protect your assets in this way not only avoids future (and potentially expensive) legal costs in having your property and financial settlement finalised, it also means that you and your spouse have control of what happens to your assets if you separate. If you do not have a Financial Agreement and you end up going to court to finalise your settlement, then the court will decide on your behalf how your assets will be split. And that’s one headache we could definitely do without…
Getting advice
Although there are a lot of benefits to creating a Financial Agreement, they are not necessarily suitable for everyone. Before you sign on the dotted line, make sure you speak with a qualified family lawyer to get the full lowdown. The team at Lander & Rogers are leading family lawyers who have significant expertise in international relationships and family law matters, including international property, alimony, child support, and relocation.
This article is sponsored by Lander & Rogers