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Financial Agreement After Divorce

Financial Agreement After Divorce Template for Saudi Arabia

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Financial Agreement After Divorce

"I need a Financial Agreement After Divorce for a high-net-worth settlement involving multiple properties in Riyadh and Jeddah, plus division of family business interests, with monthly payments to begin from March 2025."

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Document background
The Financial Agreement After Divorce is a crucial document used in Saudi Arabia when former spouses need to formalize their financial arrangements following a divorce. This agreement is essential for documenting all financial settlements, ongoing obligations, and asset divisions in compliance with both Saudi civil law and Sharia principles. It becomes necessary immediately after a divorce is finalized and can cover aspects such as property division, maintenance payments, child support, and allocation of investments or business interests. The document must adhere to the Saudi Personal Status Law of 2022 and be structured to ensure enforceability within the Saudi legal system. It serves as a binding contract that provides clarity and legal protection for both parties while respecting local cultural and religious requirements.
Suggested Sections

1. Parties: Identification of both former spouses, including full legal names, national ID numbers, and current addresses

2. Background: Brief history including marriage date, divorce date, and reference to divorce decree

3. Definitions: Definitions of key terms used throughout the agreement

4. Purpose of Agreement: Clear statement of the agreement's purpose and its compliance with Sharia Law and Saudi regulations

5. Financial Settlement Terms: Detailed breakdown of immediate financial settlements, including lump sum payments and asset transfers

6. Ongoing Financial Obligations: Description of any continuing financial duties between parties

7. Payment Terms and Schedule: Specific payment amounts, dates, and methods of transfer

8. Tax Implications: Statement regarding tax responsibilities and implications of the financial settlement

9. Enforcement: Mechanisms for enforcing the agreement and consequences of non-compliance

10. Modification: Conditions and process for modifying the agreement

11. Governing Law: Confirmation of Saudi Law and Sharia principles as governing law

12. Execution: Signature requirements and execution process

Optional Sections

1. Child Support Provisions: Include when there are children from the marriage, detailing specific financial obligations for children's care

2. Property Division: Include when there is outstanding property to be divided or transferred

3. Business Interests: Include when either party has business interests that need to be addressed

4. Investment Accounts: Include when there are investment accounts or portfolios to be divided

5. Debt Allocation: Include when there are outstanding debts to be allocated between parties

6. Insurance Policies: Include when there are insurance policies that need to be addressed or maintained

7. Dispute Resolution: Include when parties wish to specify alternative dispute resolution methods

8. Confidentiality: Include when parties wish to maintain privacy regarding the terms of the agreement

Suggested Schedules

1. Schedule A - Asset Inventory: Detailed list of all assets subject to division or transfer

2. Schedule B - Payment Schedule: Detailed timeline of all payments to be made under the agreement

3. Schedule C - Property Details: Specific details of any real estate or significant property involved

4. Schedule D - Business Valuations: Professional valuations of any business interests involved

5. Schedule E - Outstanding Debts: List of all debts and their allocation between parties

6. Appendix 1 - Required Documents: Copies of relevant documents including divorce decree and property titles

7. Appendix 2 - Bank Details: Secure record of bank information for transfers

8. Appendix 3 - Tax Considerations: Detailed analysis of tax implications and responsibilities

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Compliance

Financial Advisory

Wealth Management

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Client Services

Risk Management

Notary Services

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Family Law Attorney

Sharia Law Consultant

Financial Advisor

Wealth Manager

Bank Manager

Divorce Mediator

Court Clerk

Notary Public

Family Court Judge

Compliance Officer

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Financial Planning Consultant

Estate Manager

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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