marriage in community of property
Simpson Incorporated offers a full range of legal services relating to marriage contracts, including marriage in community of property, antenuptial contracts including the accrual system, and antenuptial contracts excluding accrual.
When you marry in South Africa, if you decide not to conclude a marriage contract before you marry, you are automatically married in community of property.
Several critical legal consequences flow from a marriage in community of property.
Firstly, the spouses no longer own their assets individually. Instead, all their assets, whether acquired before or after the marriage, become jointly owned in a joint estate. Secondly, spouses become liable for each other’s debts, including those incurred before the marriage. Essentially, you lose your financial independence from your wedding date. As a result, marriage in community of property is not the ideal marital system for most people.
It is better to sign a marriage contract before you solemnise your marriage since it offers various advantages, not least of which is protecting your assets.
Your marriage contract can either include or exclude the accrual system in terms of the Matrimonial Property Act. Simpson Incorporated considers your situation and will advise you on the best option for you.
Simpson Incorporated charge a fee of R995 plus VAT and Deeds Office fee for the preparation, execution, and registration of your antenuptial contract.
Contact Simpson Incorporated for details If you want to know more about marriage in community of property, be sure to get in touch with a representative from Simpson Incorporated today or view our socials for our latest posts