Out community of property' means that the parties involved entered into a contract, a written agreement Notarised by a Notary Public prior to the marriage in terms of which each spouse usually retains his or her separate property and have complete freedom to deal with that property as he or she chooses.
Read MoreYour Matrimonial Property Regime Choices Choices
If you have made the big decision to get married, you are quickly realizing that there are many decisions that need to be made. Other than the dress, wedding and reception, there is also a key legal decision that you should make with your fiancé – whether or not you need an antenuptial agreement. As your decision will affect your legal status, contractual freedom and risk profile it is important to carefully explore your matrimonial regime options before getting married. On this website, you will find many informative articles to assist with your decision. Louwrens Koen Attorneys will gladly assist should you need to discuss your specific circumstances.
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Must be done before getting Married
Out community of property' means that the parties involved entered into a contract, a written agreement Notarised by a Notary Public prior to the marriage in terms of which each spouse usually retains his or her separate property and have complete freedom to deal with that property as he or she chooses. If during the marriage, one spouse is declared insolvent, the others property is protected from the insolvent spouse's creditors, subject to Section 21 of the Insolvency Act.
Read MoreMarry without entering into Antenuptial Contract. Share in assets and liabilities before and after marriage. If you do not enter into an Antenuptial Contract prior to your marriage, you will automatically be married in community of property in terms of South African Law. Both parties’ individual estates will be combined into one jointly owned estate by the marriage. This means that all per-marital assets, debt and liabilities are all pooled into one estate once the marriage is concluded, from which point onwards, only one jointly owned estate will exist.
Read MoreCompare your Matrimonial Property Regime Options. You must make a choice before getting married.
Read MoreYou owe it to yourself and your spouse to take the time to explore your options. Agreeing beforehand on these matters will put your marriage on a more sound footing. It's hard to talk about marriage as if it were "business," but when it comes to creating a prenuptial agreement, that's precisely the approach you should take. A prenuptial agreement isn't an exit strategy or evidence of a lack of faith in the relationship. It merely is legal protection against the future risk you may be exposed to.
Read MoreComplete the online form as thoroughly as possible and submit. We will supply you with an pro forma contract within 24 hours. This document can be used as a discussion document and can be changed by us to suit your needs. Once satisfied sign the contract and return to us by hand, Postnet or Courier.
Read MoreF.A.Q
When must an antenuptial contract be signed?
The contract must be entered into/ signed before the marriage, The said contract must further be executed in front of two competent witnesses and attested by a notary before the marriage, Once executed the contract must be registered in the Deeds Office within 3 months of executing the contract and six months if signed outside the borders of South-Africa.
Can antenuptial contract be changed?
Once an antenuptial contract has been registered in the Deeds Office and confirmed by your marriage, it cannot be changed inter partes (between the parties) informally. The contract can only be amended if both spouses bring an application in the High Court in terms of section 21 of the Matrimonial Property Act of 1984. Before getting married the parties may change the contract.
What's the difference between Antenuptial and prenuptial agreement?
An Antenuptial contract is an agreement entered into between two parties prior to their marriage and is often referred to as a “prenuptial”. Upon entering into the agreement, the parties agree to exclude the system of Community of Property from their marriage.
What are the types of marriage contract?
There are 2 marriage contracts: community of property or an antenuptial agreement. If you choose to be married in community of property, your assets are shared equally. If you don't want your assets to be shared, you need to sign an antenuptial agreement before you get married.
How to calculate Accrual?
Determine the each estate’s accrual as follows:
- Draft a list of all the assets, such as immovable property, furniture, vehicles, pension interest, annuities, policies, investments, bank accounts and interests such as shares and loan accounts in companies/partnerships/trusts or any other form of business, etc. obtained during the marriage at the present day values.
- Deduct the assets that were excluded in the Antenuptial Contract, as well as any other assets acquired by virtue of the possession, or former possession, of the excluded assets.
- Deduct inheritances, legacies or donations, as well as any other asset acquired by virtue of the possession, or former possession, of the inheritances, legacies or donations.
- Deduct any debts and liabilities.
- Deduct the commencement value, as stated in the Antenuptial Contract and adjusted by CPI.
- The net result will be the accrual in the estate.
