Harry Elias Partnership LLP Family and Divorce Partner Tan Hui Qing was featured in an article by Her World titled “How to protect your matrimonial assets from the financial impact of divorce”
Commenting on the challenges in finding jobs faced by a spouse who has given up their career to care for the family full time, Hui Qing said “When you leave the workforce to care for the family, you leave a big gaping hole in your resume. And when you try and rejoin the workforce, you may have limited options. You are subject to market forces and the state of the economy at that point in time. These are things that are beyond your control.”
Hui Qing shared that couples should keep records of how big purchases are paid for: “When it comes to big ticket items, like major family assets, buying a house, a matrimonial home or an investment property, investing in stocks and shares, you should keep good financial records. If you have paid towards these assets in their acquisition of these assets, you should keep those records.”
On the maintenance, Hui Qing commented: “If you are financially independent, earn a decent income, or earn more than your husband, your chances of getting spousal maintenance are next to zero.” Hui Qing noted that enforcement is a problem when it comes to court proceedings. “People are frustrated that they get a court order, but the other party doesn’t want to comply with it. Then they have to take out further court proceedings just to enforce a court order, which they had already expended so much resources to get,” Hui Qing added.
Read in full here.