Congratulations, you are currently engaged and busy finalising all of your wedding plans. It’s the most exiting time of a couples life, enjoy it!
It is also important that couples don’t forget to leave out one of the most important aspects of planning your future together – namely to draw up an Antenuptial Contract.
At M M Fuchs Attorneys we provide affordable, professional and reliable Antenuptial Contracts for all our future brides, and also give sound advice on all forms of protection regarding your Antenuptial Contracts. The lawyers at our firm are dedicated individuals, skilled in their fields of practice, and can provide clear advice on complex legal matters. The contract must be drawn up by an Attorney (Notary).
Why an Antenuptial Contract?
An Antenuptial Contract is entered into by two people – signing takes place prior to their marriage ceremony, to stipulate the specific terms and conditions for the exclusion of community of property between them. The Antenuptial Contract may also include almost any terms and conditions as long as they are not illegal or immoral. During the marriage each spouse will retain his or her separate property and would have complete freedom to deal with that property as he or she chooses. This would not be the case if the parties were married without an Antenuptial Contract, i.e. ‘In Community of Property’.
Reasons why couples should enter into an Antenuptial contract:
- Retain his or her individual financial identity independently
- One party do not want to be held liable for any debt that the other party might have incurred prior to the marriage
- An Antenuptial Contract can be drawn up to give you the same advantages of being married in community of property, without the disadvantage of being held liable for your spouse’s debt
- They do not want to risk all their combined assets if one of them undertakes their own business in the future
- One party wants to be able to enter into transactions, without having to obtain the consent of the other party for the rest of their lives.
The important decision concerns the form the marriage is to take. Will it be in or out of community of property? There are a number of advantages and disadvantages that can be weighed up.
There are two Matrimonial Property Regimes, namely:
- Marriage in Community of Property; and
- Marriage out of Community of Property (with or without the Accrual System)
Marriages in Community of Property:
Many prospective couples could rightly argue that they do not own many assets at present and that it won’t matter if they are married in community of property. Many couples who have been married for a long time will confirm this, but will regret not being married out of community of property for business reasons and the protection of assets. Many couples do not know what their future holds with regard to businesses they may want to start. All premarital and post-marital debts or liabilities also become communal, the result being that creditors may recover their claims against the joint estate. Since both spouses are joint owners and administrators of the communal estate, various transactions which bind the communal estate require the consent of both spouses prior to transacting.
Marriage out of Community of Property:
Marriage out of Community of Property without the Accrual System
If you do not want the accrual system to apply, it must specifically be excluded in the Antenuptial Contract. The primary purpose is that each spouse will own and control his or her own estate assets without interference or control by the other spouse. Thus the system achieves a complete separation of the spouses assets. Such a matrimonial property system means that each spouse is personally liable for his or her own debts and obligations existing before the marriage and arising thereafter. There will be no sharing of assets or liabilities and on dissolution of the marriage, neither spouse will have any claim against the assets of the other.
Marriage out of Community of Property with the Accrual System
In most cases the accrual system is, the fairest marriage system for the majority of couples. Before Accrual system was introduced in 1984, there was no form of sharing between the spouses of what was built up during the marriage. The accrual system was introduced to remedy this. The accrual system is automatically applicable to marriages concluded out of community of property under the Matrimonial Property Act of 1984, unless the accrual system is expressly excluded in the Antenuptial contract.
‘Accrual’ means increase “financial growth” and by applying the accrual system, couples will share the assets that are built up during the marriage. In terms of the accrual system spouses are entitled to share equally in the “net accrual” of their respective estates upon dissolution of the marriage either by death or divorce. This right is not transferable and cannot be attached by creditors during the subsistence of the marriage. During the subsistence of the marriage to which the accrual system applies, two separate estates still exist and each spouse manages and controls his or her own estate.
This system has all the advantages of the protection afforded to marriages concluded out of community of property i.e that assets of one spouse are secure from the creditors of the other spouse, but it incorporates the ethic of sharing.
It will be I great privilege for M M Fuchs Attorneys to assist you in this matter.
Should you wish to obtain an Antenuptial contract, kindly contact us. We are available after hours and on Saturdays as well.
Contact Details for MM Fuchs Attorneys Conveyancers & Notaries:
Tel: 086 112 0130 (Michelle Fuchs)
Cell: 072 255 1565
MM Fuchs Attorneys Conveyancers & Notaries
61 Kasteel Street
PO Box 885
This wedding posting about Antenuptial Contracts – MM Fuchs Attorneys Conveyancers & Notaries – Pretoria was sponsored by I lead Weddings South Africa. Should you wish to list your wedding services for free on this website then contact I lead weddings today: firstname.lastname@example.org. www.searchengine.co.za also offers free listing services similar to I lead Weddings.
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