Getting Married?
An Antenuptial Contract is a very important legal contract. Thinking about the worst outcome when you are planning your wedding isn't easy but it is far better to know where you stand. Also, if you get married without an Antenuptial Contract you end up being married in community of property and it is very difficult to change the regime.
In this article we explore the merits of an Antenuptial Contract and the try and unpack the important elements thereof.
To Accrue or not to Accrue
The accrual system allows parties to share in the growth in their estates during the marriage. So, each party lists the commencement value of their assets on the marriage date and at the end of the marriage, they share in the growth during the period of the marriage. The regime is flexible, allowing parties to also exclude assets from the calculation of the accrual.
You cannot afford to get married without an Antenuptial Contract
- But we are really 100% committed to each other
- It is not just about Assets, its also about DEBT
- What about practicalities
- But can you just change it later
Yes, we hear you. If you are all in you still want to keep your estates separate. You can still share your estates by having the same starting point. In other words, if your commencement values are the same, then any increase in value benefits both parties equally.
People often see an ANC as an opportunity by one spouse to exclude the other from any financial benefit. But this is only half of the story. The real problem is that without an ANC the parties are automatically married in community of property. In simple terms, the law sees the parties as being a single economic entity. So, if you or your spouse go into business, sign surety, or get into financial trouble, it impacts on both parties.
If you are married in community of property, expect to be inconvenienced whenever you open an account, whether it is a bank account, a retail account, a mortgage bond or even a signing up for a credit card. Because the law sees a single estate, both parties typically need to sign all legal contracts. It is a nuisance.
Not so easy. Once you are married in community of property, it will take a significant legal process to unscramble those eggs, including notice to all creditors. It is a seriously tedious and expensive process.
R1300
ANC with Accrual
- This is a straightforward process, login, complete the information and then make contact with our approved Notary to conclude the process and register your ANC. Please note that all services other than the document generation are provided by a third party registered Notary. The cost of this document relates only to the document generation.
R1300
ANC without Accrual
- This is a straightforward process, login, complete the information and then make contact with our approved Notary to conclude the process and register your ANC. Please note that all services other than the document generation are provided by a third party registered Notary. The cost of this document relates only to the document generation.
Call our ContractZone approved Notary for further advice
