Prenuptial Agreement Singapore

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Entering into a marriage is a significant milestone, and while love and commitment are paramount, considering the practical aspects is also essential. In Singapore, one such practical aspect is the use of prenuptial agreements, commonly known as “prenups.” This legal document can play a crucial role in safeguarding assets and addressing potential financial issues in the event of a divorce.

Frequently Asked Questions On Prenuptial Agreement

In the coming weeks, we will update this article with more FAQs as couples like you frequently research for answers. Some of the more common questions are;

What is a Prenuptial Agreement?

A prenuptial agreement, often referred to as a prenup, premarital agreement, or premarital contract, is a legal agreement signed by a couple before they get married.

This agreement outlines how assets, properties, and other financial matters will be managed and distributed in the event of a divorce or separation. While discussing the possibility of divorce may seem counterintuitive when planning a wedding, it’s a practical step that can provide clarity and protection for both parties.

What is included in a Prenuptial Agreement?

In Singapore, prenuptial agreements are legally recognised and can address various financial aspects of a marriage. These agreements can be especially valuable when one or both parties entering into the marriage have substantial assets, businesses, or properties they wish to protect.

Asset Protection

One of the primary purposes of a prenup in Singapore is to safeguard individual assets acquired before the marriage. This ensures that these assets remain with their original owner in the event of a divorce.

Spousal Maintenance

Prenuptial agreements can also specify the terms of spousal maintenance or alimony. This includes the amount and duration of financial support one spouse may owe the other in case of divorce.

Matrimonial Property

Prenups can address how the couple’s shared property and assets will be divided in the event of separation or divorce. This can be especially crucial in cases where one spouse contributed significantly more to the acquisition of these assets.

Child-Related Matters

While prenuptial agreements in Singapore cannot determine child custody and access issues, they can include provisions related to financial support for children in the event of divorce. However, the court always considers the child’s best interests when making custody decisions.

Benefits of a Prenuptial Agreement

While prenup agreements are not a requirement for every marriage, they offer several benefits to both parties entering the marriage, providing a level of financial security and clarity that can be invaluable in various scenarios:

High-Value Assets

If one or both spouses have significant assets, including businesses, investments, or properties, a prenup can protect these assets from potential disputes during a divorce.

Second Marriage

In cases of second marriage or marriage with children from previous relationships, prenuptial agreements can secure assets for the benefit of children or ensure that assets are allocated as intended.

Debt Management

If one spouse enters the marriage with substantial debts, a prenup can clarify how these debts will be managed in case of divorce, protecting the other spouse from assuming financial responsibility.

Clarity in Property Division

For couples who own joint properties or assets, a prenup can specify how these will be divided, reducing the potential for disputes and legal battles in the event of separation.

Open Communication

Creating a prenuptial agreement encourages open and honest discussions about financial matters, promoting mutual understanding and transparency in the relationship.

Spousal Maintenance

These agreements can determine the terms of spousal maintenance or alimony, ensuring that both parties are clear about their financial obligations.

Declaring Assets And Liabilities

As mentioned above, you will need to fully disclose all assets and liabilities for the prenup agreement.

Put together records of your most recent financial statements, investments, home mortgage, boats, yachts or any high cost assets that you own, along with your bank statements. Do bear in mind that these information will be shared with your spouse-to-be.

You will declare not only assets but also liabilities such as any debts (credit cards, loans, etc) in the prenup agreement.

In the prenuptial agreement, not only assets are being covered but also liabilities. For example debts. Debts can be stated as either shared debts or separate debts. For shared debts, it means the debts fall upon both parties and will be divided in case of a divorce.

Both parties are liable to pay up the debts . As for separate debts, it means that one person shoulder the responsibility of clearing the debt upon divorce.

Who is liable to pay off the debts depend on who has incurred the debt or who agreed to take on that responsibility.

Basically, a prenuptial agreement covers most things except that it doesn’t cover custody of children or child support in a divorce case.

For divorce matters, the prenuptial agreement will only help in the financial assets and other monetary matters and might help to alleviate any division of assets during the divorce process.

Are Prenuptial Agreements Legally Enforceable?

For a prenuptial agreement to be legally enforceable in Singapore, it must be in writing, signed voluntarily by both parties and not entered into under duress or fraud. Full and frank disclosure of assets and liabilities is also essential to ensure fairness.

While prenuptial agreements are generally enforceable, the court retains the discretion to set aside specific provisions if they are contrary to public policy or unjust. For this reason, it’s essential to ensure that the agreement complies with legal standards and is fair to both parties.

Seek Legal Guidance

Crafting a prenuptial agreement in Singapore is a legal process that requires careful consideration and legal expertise. It is crucial for both parties to consult with experienced family lawyers who can guide them through the process, ensuring that the agreement complies with Singaporean law and addresses their unique needs.

Conclusion

Prenuptial agreements in Singapore serve as valuable tools for protecting assets, addressing financial matters, and providing clarity in the event of divorce or separation. While they may not be necessary for every marriage, they can provide peace of mind and financial security for couples entering into unions with complex financial situations.

Some of the above answers may or may not apply to you. But as you can see, you now know the importance and benefits of having a prenuptial agreement. Don’t know where to go from here?

You can start by sharing this post and who knows – it might be a conversation starter between the 2 of you.

FAQs

Who Needs A Prenup?

You might want to consider a prenuptial agreement if one or more of the below checks out for you;

• You Own a Business/Businesses
• Receive a Substantial Inheritance
• Expecting a Large Influx of Income
• You or Your Soon-to-be Spouse is Wealthier
• You Own a Practice
• Valuable Property such as Real Estate(s), Investment(s) and/or Saving

Can A Prenup Protect Future Inheritance?

Do you happen to know should a good friend or close relative has included you in their Will – should anything untoward happen to them? If you do, you should talk to a lawyer about disclosing it in the prenup agreement.

Often when a parent remarries, he or she may also want to protect the inheritance of the children.

How Much Does It Cost To Get A Prenuptial Agreement?

It may cost anywhere between $800- $1500. Different services would cost differently. One example is to either prepare, draft up OR review on any existing prenuptial documents that have previously been prepared.

Reviewing can be done when one party has previously had a different lawyer prepare a prenuptial agreement. It’s a no-nonsense way to assure all parties that the terms are fair and equitable.

Do I Need A Lawyer For A Prenuptial Agreement?

It would be best to have a lawyer for any legal matters. By engaging a lawyer, he/she will remain objective and not be swayed by emotions.

Your lawyer will knowledgeably and sensitively guide you through the process of drafting, negotiating, and/or reviewing a prenuptial agreement to serve your specific needs. 

A lawyer is also the one who performs crucial due diligence and helps finish the deal in your best interest.

What Happens If You Don’t Get A Prenup?

Couples nowadays tend to date longer and marry later in their life. This enables them to accumulate wealth and assets (eg;business or properties) that need protection.

The Court will decide – Not You, what will happen to your future when you split up.

A prenup can help make for a less contentious split and making the process neat in the event of a divorce. 

Can Prenup Protect My Pension?

It may. The Court will decide after hearing both sides and see if the agreement is fair and whether it contravenes and act such as the Women’s Charter.

Can You Fight A Prenup Agreement?

Yes you may, but you will have to provide reasons to the Court. The Court is the final arbiter.

Disclaimer: The information contained within this website contains general information about our lawyers, Law Firm and procedures and is not intended to constitute legal advice.

Any person viewing or receiving information from this Website should not act or refrain from acting, on the basis of any such information without first seeking appropriate legal advice.

Please consult a lawyer for specific review of your case and advise. 

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