If you are planning on getting married, entering into an antenuptial contract is a way of preventing any misunderstandings and conflict regarding the distribution of your assets and liabilities upon divorce or in the event of death. Our attorneys are here to help you navigate the very important process of deciding which marital regime to choose and the legal consequences of each, before getting married.
It might feel uncomfortable to bring up antenuptial contracts when in the middle of planning wedding day festivities. However, it is imperative to understand the different marriage regimes and their consequences,
In South Africa there are three different marriage regimes:
An antenuptial agreement or prenuptial agreement is entered into by a couple before the marriage or civil union and will lay out the terms and conditions for community of property to be excluded.
The agreement must be notarised and registered with the Deeds Office for it to have effect, otherwise the result will be having to embark on the complex procedure of entering into a postnuptial agreement.
An antenuptial contract stipulates how the estate will be divided after divorce and also upon the death of a spouse.
If the couple does not enter into a prenuptial agreement they will automatically be married in community of property.
Unless expressly excluded, the accrual system will automatically apply when you conclude an antenuptial contract.
The accrual system is one where assets that are built up together during the course of the marriage, are shared by the parties, while each spouse may take out the asset value of what they initially individually brought into the marriage.