Being newly engaged is one of the most exciting times in a couple’s life who are looking to cement their relationship by marriage. It is also very important to understand the legal consequences of a marriage, what these consequences mean to each party to a marriage and how the couple wish to deal with these from the outset, especially those relating to property and assets.
In South Africa, the default marital property regime is “ in community of property”. This means that once the marriage has been registered, all current and future property and assets belonging to each of the two people will fall into a joint estate. Each has an undivided half share in this joint estate, meaning that each person’s half share is massed together in the estate and no division exists at all. This also goes for all debt that is incurred by each party before and during the marriage. All debt incurred during the marriage must be signed for by both parties.
Should the parties decide that they each wish to:
- keep as their own all property and assets that they have before the marriage;
- keep as their own any property individually acquired during the marriage; and
- want to share the profits or gains made during the marriage,
They will conclude an ante-nuptial contract where the accrual system will automatically apply.
Should they not wish to share the profits or gains made during the marriage, they will conclude an ante-nuptial contract that specifically excludes accrual.
In order to enable our clients to make the choice that best fits with their needs, we consult with them on all the aspects of their current estates, the differences between matrimonial property regimes and how these will each affect their own circumstances in the present and the future. Once a decision is reached, we prepare the ante-nuptial contract on the spot, after which it is signed and notarised on the spot.
It is suggested that the ante-nuptial contract be signed no later than a month before the wedding to allow enough time for registration in the Deeds Office.
We charge a standard all-inclusive fee of R2,600.00 on ante-nuptial contracts.
Contact us now to prepare your ante-nuptial contract.