Antenuptial Contracts
If couples do not enter into a valid antenuptial contract under South African Law, (also referred to as pre-nups or pre-nuptial agreements) their marriage will be in community of property and they will have a joint estate. Since November 1984, in terms of the Matrimonial Property Act 88 of 1984, when choosing the matrimonial property regime, two options are available, namely out of community of property or out of community of property incorporating the accrual system.
If couples choose to enter into their marriage without applying the accrual system, they will not share at any point in the accrual (growth) of each other’s estates. Couples who choose to have the accrual system incorporated into their marriage will have the option to share in each other’s net accrual or growth from date of marriage, excluding any assets or values already accumulated and specifically excluded in their contract.
All assets excluded, together with any new assets acquired from the proceeds of the excluded asset will remain excluded. You may exclude a property, a business share or benefit from any trust fund, shares, investments or pension funds.
The accrual will be calculated from date of marriage to date of dissolution of marriage, or death, based on the total nett value of each party’s estate less the exclusion of any commencement value on date of marriage, (if so indicated) and all other exclusions set out in the Act (for instance inheritance) with due allowance for any difference in the value of money.
If you elect not to apply the accrual system to your marriage, no claims can arise in respect of the nett growth (accrual) of your estate.
Please bear in mind that each party will remain in control of his/her own estate in terms of a marriage out of community of property, whether the accrual system is applied or not.
An accrual claim can only be acquired at the dissolution of a marriage by either divorce or death of one or both spouses and is not transferable, nor does it form part of the insolvent estate of a spouse.
You can change your marital regime after the date of your marriage but can only do so by way of a High Court application.
It it crucial to take the steps and attend to the formalities prior to your marriage, to ensure that all your rights are protected.
If couples choose to enter into their marriage without applying the accrual system, they will not share at any point in the accrual (growth) of each other’s estates. Couples who choose to have the accrual system incorporated into their marriage will have the option to share in each other’s net accrual or growth from date of marriage, excluding any assets or values already accumulated and specifically excluded in their contract.
All assets excluded, together with any new assets acquired from the proceeds of the excluded asset will remain excluded. You may exclude a property, a business share or benefit from any trust fund, shares, investments or pension funds.
The accrual will be calculated from date of marriage to date of dissolution of marriage, or death, based on the total nett value of each party’s estate less the exclusion of any commencement value on date of marriage, (if so indicated) and all other exclusions set out in the Act (for instance inheritance) with due allowance for any difference in the value of money.
If you elect not to apply the accrual system to your marriage, no claims can arise in respect of the nett growth (accrual) of your estate.
Please bear in mind that each party will remain in control of his/her own estate in terms of a marriage out of community of property, whether the accrual system is applied or not.
An accrual claim can only be acquired at the dissolution of a marriage by either divorce or death of one or both spouses and is not transferable, nor does it form part of the insolvent estate of a spouse.
You can change your marital regime after the date of your marriage but can only do so by way of a High Court application.
It it crucial to take the steps and attend to the formalities prior to your marriage, to ensure that all your rights are protected.
Divorce
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Antenuptial Contracts
Parenting Plans
The Rights of Unmarried Fathers
Relocation with Minor Children
Domestic Partnerships
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Last Will and Testament
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