Despite the challenges being faced by so many during the pandemic, love is still around and many weddings are taking place, albeit on a much smaller scale. It is still, if not more, important for couples to seek the right advice on their marital regime.
An antenuptial contract (“ANC”) has to be validly entered
into before a Notary Public before the marriage is officiated, otherwise the
marriage will automatically be one in community of property. A marriage out of
community of property provides some very important protections to the
respective spouses whether the parties choose with or without accrual.
During a marriage out of community of property, each spouse
will retain his or her separate property and would have complete freedom to
deal with that property as he or she chooses. Some other protections not
afforded to spouses married in community of property include:
·
If either party is declared insolvent, the other
spouse is protected from the insolvent spouse’s creditors
·
The respective spouses will not be held liable
for any debt that the other spouse might have incurred prior to the marriage,
as well as those during the marriage
·
Specific assets may be excluded from the
marriage where the spouses choose to do so
·
Each spouse retains their own financial identity
·
An ANC can be tailored to fit the unique
circumstances of the individual spouses
·
The ANC can include important terms and
conditions which relate to the division of assets in the case of death or
divorce.
Engaged couples should arrange an appointment with a Notary
(an attorney with the additional qualification of “Notary Public”) prior to the marriage being
solemnised. Depending on the complexity of the respective spouse’s
requirements, it may be advisable to do this a few weeks before the marriage.
Once the ANC is duly drafted and signed in front of the Notary, the Notary will
arrange that it is registered in the relevant Deeds Office and the subsequent
marriage will be a marriage out of community of property.
Please feel free to contact Martin Sheard or Junél Hickman
on 021 673 4700 should you have any further queries in this regard.
STBB Claremont
www.harfield-village.co.za
www.facebook.com/harfield.village.community