Marital Agreement Singapore: What You Need to Know
Getting married is an exciting time, but it’s important to remember that it’s also a legal contract. As with any contract, it’s important to have a clear understanding of what you’re agreeing to. A marital agreement, also known as a prenuptial agreement or a premarital agreement, is a legal contract that sets forth the terms of a marriage. In Singapore, marital agreements are becoming increasingly common, and for good reason.
What is a marital agreement?
A marital agreement is a legal document that sets out the terms of a marriage. It can address a variety of issues, such as property division, spousal support, and inheritance. Generally, couples choose to create a marital agreement when one or both spouses have significant assets, or when there are family businesses or trusts involved.
Why consider a marital agreement in Singapore?
There are several reasons why a couple may choose to create a marital agreement in Singapore. Here are a few:
– Protection of assets: If one or both spouses have substantial assets, a marital agreement can help protect those assets in the event of a divorce. By setting out the terms of property division in advance, a marital agreement can help prevent disputes and ensure a fair outcome.
– Clarity: A marital agreement can provide clarity and certainty about the terms of the marriage. This can help reduce conflict and misunderstandings down the line.
– Preservation of family businesses or trusts: If one or both spouses has a family business or trust, a marital agreement can help ensure that those assets are not subject to division in the event of a divorce.
How to create a marital agreement in Singapore?
In Singapore, marital agreements must be in writing and signed by both spouses. Each spouse should have their own lawyer who can advise them on their rights and obligations under the agreement. Since marital agreements can be complex, it’s important to work with a lawyer who has experience in this area.
It’s also important to note that marital agreements may not be enforceable in certain situations. For example, if the agreement was not entered into voluntarily, or if it is unconscionable or against public policy, it may not be enforced by the court.
A marital agreement can provide peace of mind and clarity for couples entering into marriage, particularly those with significant assets or complicated family structures. If you’re considering a marital agreement in Singapore, it’s important to work with a lawyer who has experience in this area to ensure that your agreement is enforceable and meets your needs.