The many benefits of an antenuptial contract make it arguably the best marriage contract for two people to enter into.
An antenuptial contract is an agreement entered into by two people, who intend on getting married, before the actual marriage takes place.
Should the couple fail to enter into a valid, notarised antenuptial contract before their marriage, they will, by default, be married in community of property.
An antenuptial contract will also include a comprehensive list of terms and conditions related to the division of assets in the event of divorce or death.
During the marriage, each spouse will retain their separate property and will be allowed to use or deal with that property however they see fit.
If the couple failed to enter into an Antenuptial contract, and instead married in Community of Property the spouses will not be afforded the substantial protection offered by an Antenuptial contract, which includes protecting the remaining spouse from creditors, should one spouse be declared insolvent.
The contract may be customized and drafted in such a way as to cater for the couple’s unique and individual preferences.
Any debt incurred by one spouse prior to the marriage, will not impact on the other spouse after the marriage is officialized.
The debt of either spouse incurred during their marriage will be for their own account.
Furthermore, any assets a spouse holds dear or for financial reasons they do prefer not to include in the joint estate, are specified in the contract and remain excluded from the accrual system.
The spouses do not require the consent of the other in order to conduct their day to day dealings with their individual assets.
When undertaking a new business venture, it’s best for a married couple to have an antenuptial contract in place in order to protect their assets. These assets could be attached by creditors if the venture is not successful and therefore, the couple will fall into combined debt or insolvency.
The spouses are also able to retain their own financial identity, which provides the opportunity to build a good credit rating and financial stability in the event that the marriage is later dissolved.
An Antenuptial contract with accrual is the most practical and fairest marriage contract for both spouses to consider prior to marriage.
To conclude an antenuptial contract with your prospective spouse prior to your big day, consult with one of our registered notary attorneys.
We will assist you with drafting your contact according to your specified instructions and will then arrange for both intended spouses to sign the contact in the presence of the relevant notary.
Lastly, we will send this signed and Notarised antenuptial contract to the local Deeds office to be entered into the Deeds Registry within 3 months from the date of execution.
For more information regarding the benefits of an antenuptial contract, contact our attorneys in Johannesburg and Cape Town today.
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