Prenuptial contracts – There are a range of laws which govern the way that two people are joined in marriage. Various legal documents must be drafted before people get married so that each party is legally protected. Before getting married, there are a few changes that need to be clarified, such as changes in ownership and property rights. Even though getting married is a special step in life, it’s also important to remain realistic about difficulties and challenges that arise which may lead to divorce. It’s for this reason that an Antenuptial contract is highly recommended for newlyweds.
Tell me more about Antenuptial contracts?
In South Africa, couples married without an Antenuptial contract are automatically married in community of property. This means that the couple share a joint estate as well as debts or liabilities accrued during the marriage. Partners become equally liable for debts.
What are the benefits of Antenuptial Contracts?
- In the antenuptial contract, the partners may exclude certain assets from the sharing.
- You can choose an option of getting married out of community of property without accrual or with the accrual system. Without accrual means that you keep separate ownership of everything. With accrual means that you both share equally in the benefits gained.
- Getting an Antenuptial contract is inexpensive. In South Africa, getting an Antenuptial contract costs R950.
- It is highly effective in eliminating disputes. This is because the document clearly stipulates how assets should be split in the event of a divorce.
- Antenuptial contracts can be personalised to a certain extent and they consider emotional and financial contributions.
- Individuals are protected financially. Having an Antenuptial contract simplifies any financial hurdles because each party is responsible for their own finances. Partners aren’t held liable for one another’s debts and individual property is not affected in the event of a divorce.