What is a Prenup Agreement?
A prenuptial agreement, or “prenup” for short, is a legal contract between spouses that outlines how certain financial and non-financial matters will be handled in the event of a divorce.
This type of marital agreement can provide couples with security and peace of mind, as it allows them to make decisions about how their assets and debts should be divided if divorce proceedings were to take place.
Prenups are particularly popular among couples who have children from previous relationships or marriages or individuals who had acquired large assets prior to marriage, as they provide an additional layer of protection against any potential issues that may arise during a contested divorce.
In Singapore, pre-nuptials are typically set up before marriage under section 112 of the Women’s Charter. This section contains specific provisions that allow two parties to enter into a legal agreement before marriage that will determine and persuade the Court on how their matrimonial assets and liabilities should be divided in the event of a divorce.
When entering into a prenuptial agreement, both spouses should fully disclose all assets included in the agreement so that it can provide a valid and practical solution for both parties. In addition, pre-nuptials must not be entered into under any kind of fraud or duress, as this could result in the contract being voided by the Court.
Getting a prenuptial agreement in Singapore is a prudent step for couples who wish to have some level of control over the division of their assets should they eventually decide to get divorced.
A family lawyer in Singapore can help couples craft a practical solution that takes into account both parties’ interests and outlines how they would each receive property, finances, or other items of value upon divorce.
Things to Note Before Making a Prenup
Before making a prenuptial agreement, it is important to ensure that both parties understand their individual rights and obligations. In Singapore, any potential prenup must be in writing and signed by both parties with two witnesses present. It must also be agreed upon freely without any coercion or fraud on either side.
Additionally, if either party wishes to include foreign law clauses in the prenup, these should adhere to the requirements of the Singapore Courts.
To help couples craft a legal prenup that suits their needs, there are several frequently asked questions they can consider:
The answers to these questions can help couples understand how to structure their prenup to protect their rights in the event of a divorce. It is also important for both parties to seek legal advice before signing a prenuptial agreement.
Additionally, if either party’s circumstances change after the prenup has been signed, they may wish to consider entering into a postnuptial agreement (or “postnup”). This type of agreement can modify or supplement an existing prenup and is often used in cases where one or both parties have experienced changes in financial status or relationships.
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Who Should Get a Prenup?
At Emerald Law LLC, we believe that all couples who are planning to get married should consider getting a prenuptial agreement before tying the knot. A prenup provides both parties with security and peace of mind, as it outlines how their assets should be divided in the event of a divorce.
Additionally, it can protect children from previous relationships or marriages, as well as help protect one’s rights and property during marriage if foreign law clauses are included in the contract.
We understand that discussing a prenuptial agreement can be an uncomfortable proposition for some couples; however, it is important to remember that having this type of marital agreement does not mean that a couple expects or plans to get divorced – it simply serves as a safeguard should the worst happen.
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Conclusion
In summary, getting a prenuptial agreement in Singapore can help couples protect their interests should they eventually get divorced. Consulting with a family lawyer can ensure that all the requirements are met and that both parties understand the implications of signing a legal document.
With the right advice and guidance, couples can craft a practical solution that is tailored to their individual needs before marriage.
Whether you are planning to enter into marriage or have already tied the knot, Emerald Law LLC can help you draft an effective prenuptial agreement in Singapore tailored to meet all of your needs.
We are experienced in assisting clients in understanding the legal implications of both types of marital agreements and helping them to craft a practical solution that fits their individual needs. Contact us today for more information about getting a prenup or postnup in Singapore!
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