A Binding Financial Agreement After Separation is utilized when married couples in Singapore have separated and wish to formalize their financial arrangements without proceeding to divorce. This document, regulated under Singapore's Women's Charter, provides a comprehensive framework for asset division, maintenance obligations, and financial responsibilities. It must include full financial disclosure from both parties and requires independent legal advice for each spouse. The agreement can cover various assets including property, CPF accounts, investments, and business interests, making it a crucial document for protecting both parties' financial interests post-separation.
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Key Requirements PROMPT example:
Binding Financial Agreement After Separation
"I need a Binding Financial Agreement After Separation for my client who separated from their spouse in January 2025, with specific focus on dividing a family business worth $2.5M and handling multiple investment properties in Singapore."
1. Parties: Identification and details of both parties to the agreement
2. Background: Brief history of relationship, marriage, separation, and purpose of agreement
3. Definitions: Key terms used throughout the agreement
4. Asset Division: Detailed breakdown of how assets will be divided
5. Financial Obligations: Ongoing financial responsibilities of each party
6. Full Disclosure: Declarations of complete financial disclosure by both parties
7. Binding Nature: Confirmation that agreement is intended to be legally binding
1. Child Maintenance: Details of child maintenance arrangements and financial responsibilities for children under 21
2. Business Interests: Division of business assets and ongoing operations where parties have shared business interests
3. Overseas Assets: Treatment of foreign property or investments for parties with assets outside Singapore
1. Schedule A - Asset Inventory: Complete list of all assets owned by both parties
2. Schedule B - Property Valuations: Professional valuations of major assets
3. Schedule C - Financial Disclosure: Detailed financial statements from both parties
4. Appendix 1 - Legal Advice Certificates: Certificates confirming independent legal advice received
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