6 Financial Disputes that Commonly Occur in a Divorce Procedure
Divorce can have significant financial consequences, short and long term. Knowing what these financial difficulties are can assist you in developing a plan to secure your money. Here are six of the most common financial disputes in a divorce procedure, either in Singapore or overseas.
#1 Joint Account Management
Most couples choose to open a joint account upon marriage. It is one of the most common reasons for money problems. Under the law, money earned by one party during the marriage is considered a marital asset.
#2 Alterations on Income
Income will naturally shift with divorce, mainly if the spouses split bill payments. The best divorce lawyer in Singapore will advise you to determine if your income is sufficient to cover monthly needs before proceeding with your divorce.
#3 Division of Marital Assets
Any assets obtained by the couple while married are considered marital assets. The Singapore court makes various divorce process considerations, including prenuptial agreements and the requirements of any children.
#4 Residence
Housing is one of the most challenging issues that divorcing spouses encounter. Financial concerns in a divorce can also affect the care of dependents.
#5 Division of Debts
Divorces are frequently the result of unilateral debts. The Singapore courts distinguish between joint and individual liabilities.
#6 Misuse of Finance
Financial abuse will probably occur during divorce procedures. After all, undergoing a divorce in Singapore or overseas can cost a fortune. Consult an experienced divorce attorney to assist you to comprehend asset split and financial concerns in a divorce.
Lie Chin Chin is a well-known divorce lawyer firm in Singapore. They are upfront and honest about the charges associated with the procedure. You don’t need to worry about hidden lawyer fees for your divorce proceedings. Lie Chin Chin Chin works hard to understand your divorce requirements and expectations to provide you with the best results possible.
