The Separation Financial Agreement is utilized when married couples in Singapore decide to separate but wish to formalize their financial arrangements without immediately pursuing divorce. This document, governed by Singapore law, particularly the Women's Charter, provides a comprehensive framework for asset division, maintenance obligations, and financial responsibilities. The agreement typically includes provisions for property division, CPF arrangements, maintenance payments, and debt allocation. It serves as a crucial tool for couples seeking to establish clear financial boundaries while maintaining legal compliance with Singapore's matrimonial laws.
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1. Parties: Identification and details of both parties to the agreement
2. Background: Context of marriage, separation, and reason for agreement
3. Definitions: Key terms used throughout the agreement
4. Division of Assets: Detailed breakdown of how matrimonial assets will be divided
5. Maintenance Provisions: Terms of any ongoing financial support
6. Governing Law: Specification that Singapore law governs the agreement
7. General Provisions: Standard clauses including severability, entire agreement, and amendments
1. CPF Arrangements: Specific provisions for handling CPF accounts and nominations - include when either party has CPF savings
2. Business Interests: Provisions for division of business assets and interests - include when either party owns business assets
3. Overseas Assets: Provisions for handling foreign-held assets - include when parties have assets outside Singapore
4. Tax Provisions: Specific arrangements regarding tax implications - include when significant tax considerations exist
5. Muslim Law Provisions: Special provisions under AMLA - include when parties are Muslim
1. Schedule A - Asset List: Comprehensive list of all matrimonial assets and their agreed division
2. Schedule B - Property Details: Details of real estate properties and their agreed disposition
3. Schedule C - Financial Disclosure: Full financial disclosure statements from both parties
4. Schedule D - Valuation Reports: Professional valuations of significant assets requiring formal valuation
5. Schedule E - Payment Schedule: Detailed schedule of any periodic payments or transfers to be made between parties
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