A post nuptial agreement is a legal document that outlines the rights and responsibilities of a couple during their marriage. In Singapore, post nuptial agreements have become increasingly popular as couples seek to protect their assets and plan for the future. In this article, we`ll explore the basics of post nuptial agreements in Singapore, including what they are, how they work, and why you might need one.
What is a post nuptial agreement?
A post nuptial agreement is a legally binding contract that is created after a couple gets married. It outlines the rights and responsibilities of each party, as well as the terms of the division of assets and property in the event of a divorce or separation. A post nuptial agreement can be used to protect assets that were acquired before the marriage, such as property, investments, and businesses. It can also be used to protect assets that may be acquired during the marriage, such as inheritances or gifts.
How do post nuptial agreements work in Singapore?
In Singapore, post nuptial agreements are recognized under the Women`s Charter. Both parties must enter into the agreement voluntarily, without coercion or undue influence from the other party. The agreement must be in writing and signed by both parties in the presence of a lawyer. It must also be registered with the Registry of Marriages.
A post nuptial agreement can cover a wide range of issues, including:
– The division of assets and property in the event of a divorce or separation
– The payment of maintenance or alimony to one party
– The treatment of any children from the marriage, including custody and support
– The conditions for terminating the agreement
Why might you need a post nuptial agreement?
There are several reasons why you might consider getting a post nuptial agreement in Singapore. Some of the most common reasons include:
– Protecting your assets: If you have significant assets that you want to protect in the event of a divorce or separation, a post nuptial agreement can help you do so.
– Clarifying financial expectations: A post nuptial agreement can be used to clarify the financial expectations of each party during the marriage, which can help prevent disputes and misunderstandings.
– Planning for the future: If you want to plan for the future, a post nuptial agreement can be an effective tool. It can help you plan for the possibility of divorce or separation, as well as the possibility of death or disability.
– Ensuring fairness: A post nuptial agreement can be used to ensure that both parties are treated fairly in the event of a divorce or separation. It can help ensure that each party receives a fair share of the assets and property that were acquired during the marriage.
In conclusion, a post nuptial agreement can be an effective tool for protecting your assets and planning for the future in Singapore. If you are considering getting a post nuptial agreement, it`s important to work with a lawyer who has experience in this area. They can guide you through the process and ensure that your agreement is legally sound.