The Financial Agreement Divorce is a crucial document in Hong Kong divorce proceedings, used when separating spouses need to formalize their financial settlement. It is typically prepared after the decision to divorce has been made but can be drafted at any stage of the separation process. The agreement must comply with Hong Kong's legal framework, particularly the Matrimonial Proceedings and Property Ordinance (Cap. 192) and the Matrimonial Causes Ordinance (Cap. 179). It covers comprehensive financial arrangements including asset division, maintenance payments, pension sharing, and provisions for children if applicable. This document is essential for ensuring a clear, legally binding financial settlement that can be enforced in Hong Kong courts and provides certainty for both parties moving forward.
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1. Parties: Identification and details of both parties to the agreement
2. Background: Brief history of the marriage, separation date, and current status of divorce proceedings
3. Definitions: Definitions of key terms used throughout the agreement
4. Division of Matrimonial Assets: Detailed arrangements for division of all matrimonial assets including real estate, vehicles, and personal property
5. Financial Obligations: Overview of ongoing financial obligations including maintenance payments and debt responsibilities
6. Tax Implications: Statement regarding tax treatment of transfers and payments
7. Implementation: Timeframes and procedures for implementing the agreement
8. Binding Effect: Clause establishing the binding nature of the agreement
9. Variation: Circumstances and process for varying the agreement
10. Governing Law: Confirmation of Hong Kong law as governing law
11. Dispute Resolution: Process for resolving any disputes arising from the agreement
1. Children's Maintenance: Required if there are children of the marriage - details financial arrangements for children's support
2. Business Interests: Required if either party owns business interests - arrangements for division or maintenance of business assets
3. Pension and Retirement Benefits: Required if there are pension or MPF funds to be divided
4. International Assets: Required if there are assets located outside Hong Kong
5. Future Inheritance: Optional section dealing with potential future inheritances
6. Life Insurance: Required if life insurance policies are part of the settlement
7. Intellectual Property Rights: Required if either party owns intellectual property
8. Confidentiality: Optional section for maintaining privacy of the agreement terms
1. Schedule A - Real Property: Detailed list of all real estate properties and their agreed disposition
2. Schedule B - Personal Property: Inventory of personal property and agreed division
3. Schedule C - Financial Accounts: List of all bank accounts, investments, and their agreed division
4. Schedule D - Payment Schedule: Detailed schedule of all maintenance payments and transfers
5. Schedule E - Outstanding Debts: List of all debts and liabilities and their allocation
6. Appendix 1 - Asset Valuations: Professional valuations of significant assets
7. Appendix 2 - Tax Certificates: Relevant tax documentation and certificates
8. Appendix 3 - Court Orders: Copies of relevant court orders or proceedings
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Relevant Teams
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Private Client
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Corporate Services
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Divorce Lawyer
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Financial Advisor
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Compliance Officer
Private Client Advisor
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Tax Consultant
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