One of the biggest commitments in life is that of marriage. With joy, love, and companionship come serious responsibilities. More and more couples are considering prenuptial agreements for added security. Understanding how prenup Singapore works will help you make informed decisions as you get ready for marriage. If you’re considering a prenup or simply remain curious, let’s dive into what you should know.
What Are Prenuptial Agreements?
A prenuptial agreement is an agreement or promise that a couple makes before marriage. This agreement mentions how both spouses will divide their property, assets, and even debts in cases of divorce or death. Even though prenuptial agreements occur more frequently in countries such as the United States, they have begun to grow in Singapore as well.
Prenup in Singapore-are they allowed?
One of the big questions that couples ask is whether prenuptial agreements are allowed in Singapore. The answer is ‘yes’ but with a few rules. The Family Justice Courts, Singapore permits prenup with particular emphasis on the issue of division of assets. Nevertheless, there are instances or circumstances where the court will not be bound by such a prenuptial agreement precisely.
Key Areas Courts Check :
- Fairness
The court considers whether the prenup agreement is fair to the parties. In the case where one party gets an unfair deal, the court may not enforce parts of the prenup.
- Welfare of Children
The presence of children in the union presents a different scenario as the court has the welfare of the children as the topmost concern. Issues relating to custody of the kids or who pays for child support may not be carried forward as was dictated by the prenup if it is not good for the kids.
- Honesty About Finances
It is immensely crucial that the prenup can work only when both partners share all their financial details. In case someone conceals money or lies, the court may reject the agreement.
- Legal Help
Whenever a couple is going to sign the prenup, then both partners need their separate lawyers in this regard. In case only one person gets legal advice, then the court might think that the agreement is unfair and fails to follow it.
Steps to Creating a Prenup in Singapore
If you are planning to get a prenup in Singapore, there are proper steps which you need to follow so that your agreement functions properly. Here is a short guide on how you can make one:
1. Honest Talk with Your Partner
The first step is to sit down with your partner and have a talk. Both of you need to share why you want a prenup, what you are expecting from each other, and how you want to handle your belongings and debts.
2. Share All Financial Details
Second, all financial issues are to be disclosed to your partner. These include your income, your savings, debts, or anything that is involved with money. Honesty plays an important role in the development of a fair agreement.
3. Putting the Agreement in Writing
Once the financial discourses are done, it is now time to put it into paper. You will need to engage the services of a family lawyer to assist you. This will ensure that your prenup has complied with Singapore’s legal requirements.
4. Hire Your Own Lawyer
You each need to have a lawyer so that the arrangement will be fair for both parties. Both of you should clearly understand what your prenup means. Having two lawyers involved in the process also helps in making your prenup stronger when it goes to court.
5. Review and Sign the Agreement
Once clear and you are both comfortable with the terms, it will then be time for signing. You will want to read it carefully before you agree.
6. Keep the Agreement Safe
After you sign, both partners should store the prenup in a safe place. You may need to refer to it in the future, so keep it safe and accessible.
Advantages of a Prenup in Singapore
There are ample reasons to consider getting a prenuptial agreement in Singapore. Let’s consider why a prenup can be a good choice:
- Clarity in Understanding
A prenup keeps clear expectations on how money will be handled during the marriage. It helps avoid confusion or arguments later on.
- Protecting Inheritance
If you have family wealth or inheritance, a prenup can guard that asset. This can be particularly useful if one would like to bring family money down to future generations.
- Maintaining Financial Independence
A prenup, therefore, enables each partner in the marriage to remain somewhat financially independent. It, consequently, sets a boundary as to what belongs to each person and, thus, prevents one spouse from saddling the other with financial burdens.
- Time and Money Saved
If divorce happens, a prenup can save you time and money. Because of the agreement, everyone agrees quickly, avoiding lengthy arguments and legal disputes.
Do Prenuptials Have Any Downsides?
As much as prenuptial agreements are perfect and boast a number of advantages, they are not perfect. Following are a couple of problems you will be facing:
- Emotional Damage
Sometimes, discussing a prenup causes problems between the two souls. It requires being softly spoken and patient while bringing it up.
- Times Change
Life changes, and in a few years, your financial landscape could look entirely different. You can revise the prenup, but not always to fit your future situation.
- Disagreements Over Terms
Not all couples see eye-to-eye over what should be included in a prenup. It would be great to discuss this openly and find a middle ground when possible.
Conclusion
Prenuptial agreements in Singapore can protect and provide clear financial guidelines for a couple about to enter into marriage. They may sound complex, but once the right steps are taken, they can be quite fair and assist both spouses in many ways. Should you decide on a prenup, keep in mind that it is about preparing for the future. Have open communication, and good legal advice, and make sure both your feelings are comfortable with the terms to lead to a strong and long-lasting partnership.
