One of the hardest parts of separating is dealing with the financial aspects, including deciding how the assets of a marriage should be split.
You may have to deal with a family home, pay off debts and loans, consider inheritance money, and more.
This process can be further complicated if children are involved, as you must care for and support them.
“As a divorce lawyer, I play a critical role in easing my clients’ stress while working hard to achieve their desired outcomes.”
Furthermore, if you and your spouse have been in a relationship for a significant period, your assets and liabilities may be intermingled, and you might not even be sure of the full extent of your assets, especially when the relationship is very fluid and where one tends not to keep good records of it.
As a divorce lawyer for 28 years, I have advised many clients, equipped them with the knowledge and provided them with a strategy. The following advice is meant to help you navigate the legal process effectively.
Knowledge is Power
Divorce can be a highly complex process. Understanding how the divorce process works will help you avoid making mistakes you’ll regret in the future.
Before deciding to get a divorce, it is important to educate yourself about the process. Research online to understand what to expect and better equip yourself for the inevitable challenges and journey ahead.
Read more: Divorce Process in Singapore Explained in Flowchart
Gathering Financial Information
When preparing for divorce, it’s essential to clearly understand your finances, including your and your spouse’s income, assets, and liabilities. One way to gain this understanding is by gathering important financial documents that you will need to share with your divorce lawyer, which the court may require.
- Current assets and liabilities, such as properties, credit card debts, and CPF contributions
- Utility bills (e.g. electricity, gas, mobile phone and internet)
- Assets/Investments held in sole or joint names
- Present income from all sources and IRAS statement
- Bank Accounts held in sole or joint names
- Insurance Policies
- Future expenditure
- Will and estate plans
Read more: The Importance of Financial Disclosure in a Divorce
Ongoing Expenses Post-Divorce
During a divorce, your lawyer will conduct a detailed financial review to divide assets and determine appropriate child or spousal support.
Managing your finances post-divorce involves a few essential steps.
First, assess your current income and assets, including your salary, bonuses, rental income, property, savings, and investments. This gives you a clear picture of what you have to work with.
Next, identify your regular expenses, such as housing costs (mortgage or rent, property taxes, insurance, maintenance), utilities (electricity, water, gas, phone, internet), food, transportation (car payments, public transport, fuel, insurance, maintenance), healthcare, and personal expenses. If you have children, include their education, activities, clothing, tuition and healthcare costs.
Remember irregular expenses like vacations, gifts, and miscellaneous costs. Include debt repayments, such as credit cards and loans—factor in any alimony and child support payments, whether you’re paying or receiving them.
Once you account for all these expenses, you can accurately determine the monthly amount needed to support yourself and any dependents.
Read more: Effective Legal Strategies for Wealth Management in Marriage
Children First
In my many years of experience in family law, I’ve seen firsthand the adverse effects of high-conflict divorces on children.
“My heartfelt advice to clients is always to prioritise the well-being of your children above all else.”
During divorce proceedings, where emotions run high, it’s easy to get caught up in personal grievances. However, focusing on what’s best for your children can prevent long-term emotional damage and foster a healthier environment.
In Singapore, family justice is guided by therapeutic justice (TJ) principles, which seek to preserve healthier and more constructive familial relationships, even in disharmony and breakdown. Cooperative co-parenting, clear communication, and minimising exposure to conflict are crucial.
Remember, children need stability, love, and reassurance from both parents during this challenging time. Putting your children first, you can navigate the divorce process more smoothly and safeguard their emotional and psychological well-being.
Read more: Navigating the Children’s Best Interests in Divorce
The Big Picture
- What are the primary goals and objectives you need to prioritise now?
- What are the long-term financial goals?
- What are your financial priorities?
- How can you ensure the best interests of your children?
- What kind of living situation do you envision post-divorce?
- How do you want to manage co-parenting and communication with your ex-spouse?
Critical decisions will need to be made under intense emotional pressure throughout the divorce process. To ensure you make the best choices for yourself and your family, it is essential to prioritise effectively. Carefully consider what is truly worth standing firm on, what can be let go, and where you are willing to find compromise.
“Your divorce is a negotiation process, not a battlefield. As your lawyer, I keep you focused on the big picture, helping you clarify and prioritise your concerns.”
Read more: Key Considerations for a Comprehensive Settlement
Legal Guidance: Managing Expectations
- Do you know if your expectations are reasonable?
- How will you know if what you want is what you should get?
- How do you know what you should expect in divorce?
When seeking legal representation, it’s crucial to maintain realistic expectations. No lawyer can ensure an ideal outcome in every case. Instead, legal advice should be grounded in a comprehensive understanding of Singapore law.
It is imperative to ascertain the baseline in all divorce scenarios — understanding both the best-case and worst-case scenarios.
“As a lawyer, I help clients understand the bigger picture by dispensing sound legal advice based on law, extensive years of experience and previous precedents.”
Navigating a divorce settlement requires emotional intelligence, strategic thinking, and clear communication. With my experience, I can steer you towards the most likely outcomes and pinpoint potential areas for compromise if necessary.
Read more: What to Expect From a Good Divorce Lawyer in Singapore
Updating your Estate Plan
When getting divorced in Singapore, reviewing and updating your estate plan to reflect your new circumstances is crucial. It involves revising health insurance coverage, especially if one party is covered under the other’s plan, and exploring alternatives such as individual plans or coverage through employment.
Additionally, you need to update your estate planning documents, including wills, powers of attorney, trusts, and beneficiary designations, to ensure your assets are distributed according to your current wishes and that appropriate guardians are appointed for your children.
Neglecting these updates can result in unintended consequences, such as assets passing to an ex-spouse or inappropriate guardianship arrangements.
Read more: Marriage or Divorce – Do I need to update my Last Will?
At the free consultation stage, our Divorce Lawyers will:
- Assess if you can file for divorce in Singapore.
- Help you understand each step of the divorce process.
- Address questions & concerns related to divorce process.
- Help you explore your divorce options.
