How to Protect Your Assets in a Divorce

Divorce – it happens to the best of us. Statistics show that in the UK there were 106,959 divorces of opposite-sex couples and 112 divorces of same-sex couples in 2016 alone. Although it is, of course, very sad to go your separate ways, it’s important to remember that your assets must be protected in divorce proceedings.

Here are a few words of advice about how a divorce doesn’t necessarily mean that you’ll automatically lose half of your assets. Here’s how you can best protect your finances in divorce proceedings:

Don’t Let Emotions Cloud Your Judgement

There’s often a lot of hurt feelings that come hand-in-hand with divorce. However, when it comes to protecting your finances, there’s no room for emotion and ultimately, playing a game of ‘tit for tat’ could be bad news for your assets.

Divorce isn’t cheap and sending short letters to each other through your divorce lawyers about trivial matters could end up costing you hundreds of pounds. Be savvy with your money and pick your battles carefully.

Get Your Property Valued

Almost all property can be divisible in divorce proceedings so the only way to get ahead is to know what your property is actually worth. How else will you get your fair share when you come to part ways?

Dividing your property is always going to be a complex arrangement, especially if you have contributed different amounts to your household. Take time to understand how your home can be divided, whether it’s putting it up for sale or arranging a buy-out.

Get to Know Both of Your Finances

In many households, there’s often one person who manages the majority of the finances and this creates a power imbalance when you’re negotiating settlements. Make sure you know both of your finances thoroughly – any hidden debt that’s incurred during the marriage could be owned by the couple, even if only one spouse signed the paperwork.

This is incredibly complicated so you should protect yourself by seeking advice from your divorce lawyers. They can advise you on how to make informed financial decisions when filing for divorce.

Also, consider your biggest assets – many people think it’s property but it could be a pension account. Bear in mind the court may take into account its future value when dividing assets, which would certainly affect you financially.

Consider Mediation

Mediation is the most cost-effective way of negotiating a divorce. It could help you reach an agreement by yourselves through direct discussions and allow you to negotiate a deal that works for you.

This could help you save money, although you may still need some independent legal advice tailored to your unique circumstances. This could include advice on financial proposals, the information you need, whether the practical arrangements will work and all of the necessary parts of your divorce settlement.

Mediation is an empowering way to keep some level of control over the proceedings and make sensible decisions after all the options have been discussed with your ex-spouse.

If you’re going through a divorce and you’re concerned about how it could affect your financial affairs, follow our tips on how to be smart with your assets even when emotions are running high. These can help you protect yourself and your future, to help you look forward to a positive new start.

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How To Save Money For Your Child’s Education In Singapore

GO LOCAL

As parents, you are well aware that deciding your child’s school involves various choices and costs. It is quite a task to run through every option available in Singapore. Budgetary constraints start from pre-school onwards. To play things safe, choose a government-associated institution. The public school system provides globally competitive education without putting a strain on your pocket.

LOCATION IS VITAL

Location plays an important role when choosing a tuition center. If you value tuition then, opt for the centers close to your home. Alternatively, you may organize a carpool program to cut down your transportationc costs.

Say that you intend to enroll your children in a private tuition. Consider asking for their package or discounted deals.

HONE THE HOBBIES

Academics is not everything! Raising a well-rounded child involves shaping his or her hobbies. You do not need to spend cash on workshops as there are many free amenities found in your town park. Go to the nearby park and let your child play on the swings.

Is your child interested in reading? Spend quality time at home by reading your child a storybook during bedtime. Furthermore, the National Library Board hosts free educational events such as the sold out program entitled: “Let’s Science Together! – Science Experiments for Parents and Kids”. For more information about their upcoming events, visit: nlb.gov.sg.

Image Credits: pixabay.com

Lastly, you may stroll in Esplanade to experience their free artistic events such as the “A Monsta Party”!

TREASURE IN THE BOX

Dig through your child’s closet and toy box to find some hidden treasures! Instead of throwing away your children’s outgrown clothes and used toys, you may sell them online or through a consigment store. Selling your stuff away will not only help you clear out, but also provide you extra cash.

INVEST ON BONDS

Investing your money on the stock market help you grow an education fund. One of the most popular investment options for education funding is bonds. Singapore Government Bonds is believed to be close to risk-free. Choose long-term bonds with periods ranging from 2 to 30 years in order to get higher returns.

A FAMILY AFFAIR

Birthdays are important to your children as gifts come along with it. In lined with this, you may try asking your relatives to provide experiential gifts. Experiential gifts refer to soccer classes, swimming lessons, or other enrichment programs that your child can benefit from.

Image Credits: pixabay.com

Not only are these gifts more memorable than toys, but it can also help you save for your child’s future education.

Sources: 1 & 2

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Father’s Day Gifts To Make This Instant

You do not have to burn your allowance to show how special your father is!

On that note, here are some DIY gift ideas that you can make at the last minute:

#1: A MONEY TREE

I have to admit! Men can be tough to shop for at times. For instance, my father has a set of criteria clothing articles. Everything he purchases must tick all the boxes! To prevent disappointing him, it is easier to hand over some cash. Do you agree?

If you are looking for an original way to give cash, you may design a “money tree”. A money tree is a tabletop arrangement decorated with Singapore dollar bills. Said dollar bills can be folded into flowers or leaves. Try the easy peasy money tree by SunburstGifts.

Image Credits: www.sunburstgifts.org

#2: A BASKET OF SWEETS

Satisfy your husband or father’s sweet tooth by creating the “perfect basket” filled with his favorite treats. Gather his guilty and paste the free printables by The 36th Avenue. Other materials that you will need include: a basket or container, a picture frame, and a paper straw. All these can be purchased affordably at Daiso.

Image Credits: www.the36thavenue.com

#3: A DAD AWARD

It goes without saying that adults crave for recognition as much as children do. Show how much you appreciate your father’s or spouse’s efforts and sacrifices by making a golden medal. Small Fry blog started with whipping small paper plates, glue, gold paint, and a template together. Begin by printing the free template. Then, put the small paper plates together and attach the decorations.

Image Credits: www.smallfryblog.com

Putting the paper plates side-by-side adds a cool dimension to it. While, the golden accents add prestige.

#4: A DADDY TIE

The “daddy tie” is my favorite homemade gift on this list. For fathers who have been working on their 9-5 jobs, you may delight them with cards that can be worn. Add a sentimental value to your gift by allowing your little ones to complete the project with you.

The daddy tie can be completed in 5 minutes or less. Simply download and print the free template on craftingchicks.com. Cut and fold the edges according to the instructions. Then, fill out the questionnaire with your children. I can only imagine their cute handwritings!

Daddy Ties free Father’s Day printable

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8 Money-Saving Hacks For Families In Singapore

#1: OPT FOR PRE-LOVED GOODS

Save money while contributing to a sustainable environment by exploring the thrift stores and second-hand markets in the country. From baby clothes to infant accessories, dig deeper to each pile to score some great finds.

#2: REDUCE, REUSE, AND RECYCLE

Reduce your waste by reusing empty containers or recycling products before throwing each one away. Maximize the use of your sandwich bags, plastic containers, disposable utensils, and water bottles.

#3: MAKE YOUR OWN CARDS

With the number of birthdays and holidays in Singapore, your expense for greeting cards will add up. Instead of purchasing a S$5 greeting card from a nearby bookstore, you can have your children create one for you. Children love to use their artistic skills through crafts and illustrations. Let their creativity shine while giving your wallet an extra boost.

#4: SHARE A RIDE

It goes without saying that owning and maintaining a vehicle in Singapore is a costly task. This is where carpooling and GrabShare come in. Save money on ERP tolls, parking fees, and petrol by encouraging a friend to share a ride.

#5: GET RID OF THE CABLE

If you cannot keep up with the television bills then, you may want to enjoy video streaming services instead. Netflix Singapore and Toggle.sg offers a wide array of series and movies. Choose an economic option that will best suit your needs.

Image Credits: pixabay.com

#6: SHOP WISELY

Grocery shopping is tempting for anyone. This is why many people end up buying more than what they intended. Please avoid shopping when you are angry or tired. Furthermore, you must not shop without a list in mind. The list will help you to prioritize your needs over your wants.

#7: WAIT FOR TEN

Shopping for every little item as soon as it runs out is a recipe for disaster! Wait until you need at least 10 items before heading to the store. You may also apply this strategy when shopping online.

#8: CONSIDER FAMILY MEMBERSHIPS

Spending quality time with your family is important. Who does not want to enjoy a pleasant day outside the house? By singing up to family memberships, you can take advantage of various group deals. These memberships are available at National Gallery of Singapore, Jurong Bird Park, Universal Studios, and so much more.

Image Credits: pixabay.com

Sources: 1, 2, 3, & 4

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Money Tips That Moms Will Surely Benefit From

Congratulations on becoming a dedicated mother! From now on, all you will do is smart mommy moves…

THE KITCHEN

For most mothers, they let their creativity shine through the dishes they cook. The magical recipes they prepare delight their family each day. Savvy mothers can take control of their food expenses by laying out a weekly meal plan. Make a grocery list consisting of items that you will need in the next seven days. Steer away from the temptation of impulse purchases by sticking with your grocery list. If your tummy is not that sensitive, you may cook your meals in advance and freeze for future consumption.

Another simple way to save money in the kitchen is by maximizing the available tools. For instance, you may cut your sponges in half. Let us be honest! Sponges can get disgusting in a snap. Some people opt to microwave their sponges to remove the crawling germs. On the other hand, others replace their sponges every week. Use half of a new sponge and save the other half for the next week. This allows you to save money despite the high replacement rate.

THE BATHROOM

A personal bathroom is a haven where you can temporarily rest or contemplate (on pressing matters). Bathroom supplies such as soap, tissues, and cotton balls seem to fly in thin air! Thus, the cost of these supplies add up. Stock up on bathroom supplies when these are on sale. Buying in bulk may eat up a significant portion of space but, the savings are worth it.

Another aspect of the bathroom is the medicine cabinet. When it comes to medicine, you must not shy away from the generics. Generic products are similar to the quality of the branded counterparts in many situations. Stretch your dollars’ worth by considering over-the-counter medicines (e.g., Vitamin C). You may even purchase generics for spices such as salt and sugar.

THE ENTERTAINMENT ROOM

The entertainment or living room is the ideal place to cultivate lasting memories. It is no secret that children put high regard on toys. Try making your own toys to save some cash. You are probably doubting that statement as you have limited time on your hands. However, you must not quit right away. Search through your cabinets to lift the available resources. As a preschool teacher, I suggest that you create a sensory bottle. Combine sand, beans, buttons, beads, and other small toys inside an empty bottle. Let your child shake it and spot each item. Go to Pinterest for more experimental ideas.

What do children value aside from toys? As sentimental as this may sound, children put highest value on quality time. Children crave for your undivided attention especially during their formative years. Strengthening your connection with your loved ones reduces the need to compensate through gifts. Show your love through presences and not with presents!

THE OFFICE

When it comes to your job, you can employ many strategies to work your way around. Make ends meet by embracing the “work-from-home” lifestyle. Raising your child is challenging when you have to keep a full-time job. Consider becoming a brand ambassador for companies such as Avon or Herbalife instead. Isn’t it nice to find a workplace within your play-space?

Secondly, you may become an entrepreneur by selling your stuff at Singapore’s mommy communities. I recommend the “New mums Singapore“. It is a Facebook group that lets you sell your baby-related items and join occasional mommy events. Here are just two ideas that you may get started with.

Image Credits: pixabay.com

Let me close this post by sharing profound wisdom from the best-selling author Farnoosh Torabi:

“Child care is expensive and it may seem like the only option you have is to quit working to become the full-time caretaker, but try to avoid staying out of the work force for more than a year. Continue to work when your children are young so that you can go on to earn the seniority that’s often necessary to call the shots and create a better work/life integration as your kids grow older and demand more of your time.”

Sources: 1, 2, & 3

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