Why is it important to see a Notary Public to assist you with the drafting and registration of an Ante-Nuptial Contract?
It is important to bear in mind that if you get married without registering an Ante-Nuptial Contract that you will be Married in Community of Property. What does this mean?
If you are Married in Community of Property there is a joint estate. All the assets and debt from before the marriage are shared in the above-mentioned joint estate. All liabilities, assets and debt acquired by any party to the marriage will also fall in the joint estate.
For example your partner’s debt is considered to be your debt as well.
Should you get divorced one day, the joint estate will be divided between you and your partner on a 50%/50% basis.
If you decide to see a Notary Public to assist you with the drafting of an Ante-Nuptial Contract you have the following options to choose from:
- Married Out of Community of Property with the inclusion of the accrual system in terms of the Matrimonial Property Act.
- Married Out of Community of Property with the exclusion of the accrual system in terms of the Matrimonial Property Act.
What is the difference between the above-mentioned?
Should you choose to get Married Out of Community of Property with the exclusion of the accrual system, you and your partner will keep separate ownership of everything, debts and assets that was acquired before and during the marriage.
If you choose to get Married Out of Community of Property with the inclusion of the accrual system in terms of the Matrimonial Property Act there is a form of sharing of the assets that are built during the marriage.
For example: Party A’s Estate’s value is R40 000.00 (Forty Thousand Rand) and Party B’s Estate Value is R20 000.00 (Twenty Thousand Rand) it is clear that Party A’s Estate value is more that Party B’s Estate value. Should they get a divorce Party B will be entitled to half of the difference between the Estate’s values. Party B will thus be entitled to R10 000.00 (Ten Thousand Rand).