When it comes to discussions about antenuptial contracts, there is often some confusion regarding certain terms. For clarification, here is an explanation of three terms that couples are bound to come across when researching information on these contracts. Antenuptial contract/agreement An antenuptial contract, known colloquially as a prenuptial contract (or “prenup”), is a private agreement … Read more
A prenup must be implemented by an attorney who is a notary public. Both spouses must consult with the notary public beforehand and request an in-depth explanation of the various marital regimes, and the consequences that each has on divorce. It is encouraged for both spouses should obtain independent and separate legal advice before accepting … Read more
There are three matrimonial property regimes: Marriage in community of property Marriage out of community of property with accrual Marriage out of community of property without accrual It is vital to understand what each regime entails before deciding which route to take with your spouse. 1. Marriage in community of property Under this regime, all … Read more
Deciding whether to get an antenuptial is up to each individual couple, as there are varying opinions on the topic. It is not something that most would want to think about when preparing to wed but is important for couples to weigh up their options and then decide whether this contract will benefit their future … Read more
An antenuptial contract, known colloquially as a prenuptial contract (or “prenup”), is a private agreement entered into between a couple who plan to get married. The purpose of the contract is to change some or all of the automatic financial values of marriage. The prenup allows the couple to put together their own matrimonial property … Read more
Antenuptial with accrual Antenuptial agreements with accrual means that the couple shares each other’s increases or decreases in their estates. Most soon-to-be-wed couples find that this is the fairest marriage system. Each spouse’s estate is valued at the time of marriage, and then again if the couple decides to divorce. The spouses then retain the … Read more
It is very important that a person drafting a will for married person receive all information regarding the assets and liabilities of both spouses. Furthermore, the consequences of the matrimonial regime must be carefully looked at. The main purpose of the accrual system is to balance the increase in wealth of the two spouses to … Read more
When the accrual is included in a matrimonial property regime, each spouse declares his/her estate’s nominal value at the start of the marriage and keeps their assets and liabilities, unless expressly included. The term “accrual” describes the net increase in the value of a spouse’s estate since the date of the marriage. Put differently, what … Read more
A marriage or civil union affects a couple’s assets not only while they are alive, but also if one of them dies. Couples need to be aware of a list of issues to make sure that after one spouse or partner dies, the other is not financially prejudiced. Unlike a joint estate (which would dissolve … Read more
Marriage in community of property In terms of South African law, if a couple does not sign an antenuptial contract before their marriage, they are automatically deemed to be married in community of property. So, all assets and liabilities are automatically shared and jointly owned by the couple. The biggest risk that a couple faces … Read more