Couples not wishing to apply the accrual system to their marriage have to specify this in their Antenuptial Contract. This will result in assets of both spouses being separated.
Furthermore, this applies to both the assets brought into the marriage, as well as those which are obtained after, and during, the course of the marriage.
Each spouse will retain ownership of completely separate estates. This also applies to their liabilities which remain their own respective responsibility. Thus the debts of each party remains their own.
Should one of the parties wish to get a divorce, then neither spouse would be entitled to make a claim on any of the assets belonging to the other.
There is no sharing of any profits or losses from either party and the court is not entitled to make adjustments to this to create equality and fairness.
Whilst this type of contract is beneficial if both parties are financially stable, problems do arise in the case of a financially dependent spouse with little or no assets. Such an individual may theoretically be left with little or nothing after the divorce.
In the case of either spouse dying, the estates of each respective spouse are then normally dealt with through a will.
Contact our attorneys in Johannesburg for expert legal advice and assistance with your antenuptial contract.
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The law in South Africa provides for couples to choose the type of matrimonial property system they prefer when entering into marriages. For those who prefer to be married out of community of property, it is required that they execute a valid Antenuptial Contract before entering into the marriage.
Read More ...Posted by Cor van Deventer on Monday, November 20, 2023 Views: 66