In divorce, individuals typically are put into a position where they need to juggle multiple financial, emotional and practical considerations. Understanding Your Financial, Emotional and Practical Needs Hence, at this stage, it could also be timely to revisit your educational and prior work experiences in anticipation of (re-)joining the workforce.ģ. In post-divorce financial planning, employment can be an important stream of income for financial sustainability. Gifts or inheritance are not considered matrimonial assets.)Īpart from the aforementioned documents, if you were not employed/gave up employment to contribute towards home and supporting your family, do consider your own employment opportunities post divorce. (Under the Women’s Charter, matrimonial assets are: assets acquired by one or both parties during the marriage, assets used by any spouse or their children for various purposes, or assets acquired before the marriage but substantially improved during the marriage. Groceries, Utilities, Internet, Mobile Bills Spouse’s Will, Property Deed, Bank Statement It’s also useful so that your lawyer and the Court can decide how to apportion matrimonial assets and debts, and whether to award maintenance for the wife and children. Gathering key evidence and documents before filing for a divorce is a good idea – not just so you can plan for your post-divorce circumstances. Organising and Documenting Family Financial Situation Divorce processes guide by Law Society of SingaporeĢ.Comprehensive guide to divorce costs by.There are also other resources available online for divorce processes and costs. For example, researching and comparing multiple lawyers and their costs can greatly help your planning. Sometimes, confusion about these processes even leads to extraneous costs being incurred. There are numerous trial conferences to attend and documents to be submitted. Many women who have called AWARE’s Helpline and/or attended our legal clinics have shared that they feel lost in a maze of legal procedures once divorce proceedings commence. Planning for yourself and your children. Seeking professional support for legal, financial and emotional matters.Understanding your financial, emotional and practical needs.Organising and documenting the family’s financial situation.Understanding the divorce process and its cost.Or you may be contemplating divorce and realising that financial constraints are a big factor in the decision. Your relationship may have strained, and you suspect that divorce may be in the cards soon. This is the phase where divorce proceedings have yet to commence. While these financial tips should point you in the right direction, you should seek more specific advice from experts familiar with your situation.) PRE-DIVORCE PHASE (Lastly, divorce looks different for every individual. Nevertheless, the below information would be helpful to anyone contemplating divorce. We recognise that women are often in a disadvantaged position financially and socially during divorce procedures. In this article, we will cover the pre-divorce phase. This three-part article provides advice on three phases of divorce: You could start planning to have funds put away – for expenses during divorce, and for financial needs after divorce. However, some basic knowledge of financial management and planning can empower you to know your rights and options during divorce. Regardless of whether or not you are prepared for it, the legal and financial reality of the process can hit hard for all parties. It takes up time, energy and money, and demands a lot of emotional resources. Written by Bernard Foong and edited by Ashley Chuaĭivorce is often a daunting process.
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