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Antenuptial contracts, also known as prenuptial agreements or prenups, are legal documents that are entered into by couples before they get married. These agreements outline the rights and responsibilities of each party in the event of a divorce or death.
One of the main reasons why couples choose to create an antenuptial contract is to protect their individual assets. Without a prenup, assets that were owned by one party prior to the marriage would be considered marital property and would be subject to division in the event of a divorce. A prenup can protect assets such as property, savings, and investments, ensuring that they remain separate in the event of a divorce.
Another benefit of an antenuptial contract is that it can provide financial security for both parties. It allows couples to plan for the future and to make decisions about how their assets will be divided in the event of a divorce. This can help to reduce the stress and uncertainty that often comes with divorce proceedings.
Creating an antenuptial contract can also be beneficial for couples who plan to start a business together. A prenup can outline how the business will be managed and how profits will be divided in the event of a divorce. This can help to ensure that the business remains stable and successful in the long term.
It is important to note that in order for an antenuptial contract to be legally binding, it must be signed by both parties and witnessed by an attorney or commissioner of oaths. It is also essential that both parties fully disclose their assets and financial information to each other and that the agreement is fair and reasonable.
In conclusion, an antenuptial contract can provide couples with financial security and peace of mind. It allows couples to plan for the future and to protect their assets in the event of a divorce or death. It is a legal document that should be taken seriously and should be created with the help of a legal professional.
ANC
COMMUNITY OF PROPERTY
What is the difference?
You would not be the first to feel a uncomfortable about a marriage contract! It feels a little distasteful to have to draw up a contract in case of a divorce when you haven’t even walked down the aisle!
Here’s an amazing thought:
The truth is your marriage will end someday.
The two “D’s”
it will end in death or divorce.
Makes sense doesn’t it.
The reality is that a marriage contract is not solely about death or divorce.
It has some rather positive benefits for married life
Community of property
If you do not draw up an antenuptial agreement in South Africa you will automatically be married ‘in community of property’. The state assumes that all assets and liabilities of both husband and wife are shared. It simply means that everything which is his is hers and everything which is hers is his. It sounds just fine doesn’t it, exactly in the spirit in which you entered into the marriage. Consider a few things however:
Disadvantages:
- If one of you gets into financial trouble, creditors have a claim against both of you.
- There is no financial independence; if the wife wants to open a clothing account, the husband has to sign the account application; if the husband wants to buy a car, the wife has to sign too. Business transactions require the consent of both parties.
- If one partner should die, the estate of both the deceased and surviving partner will be wound up because it is a joint estate – not great for the surviving partner who will find themselves in legal limbo for a while.
- on death or divorce, the estate is divided equally
So what is an antenuptial contract?
An antenuptial contract or ANC means that you are married out of community of property.
The law recognizes you as two separate entities.
Antenuptial contract with accrual
Assets acquired before or during the marriage remain separate throughout the course of the marriage. Assets are not shared and each partner has a separate estate.Advantages:
- if one of you goes insolvent, creditors may not attach the assets of the other; in other words you get to keep your home folks.
- each of you are legally obliged to offer financial support to one another should one of you be unable to support himself/herself
- in the case of death or divorce, you are entitled only to those assets you have accrued in your name. Should one of you choose to stay at home to raise children, that partner would not be entitled to the assets accumulated by the other partner
Most marriages (9 out of 10) are ANC with accrual … this is really the way to go!
- you both share in the wealth accumulated during marriage
- if each of you owned property before the marriage, it remains in your respective names
- you each conduct your own independent financial affairs
- if one of you goes into debt, it cannot be claimed from the estate of the other
- in the case of divorce, any assets made whilst married are shared – it doesn’t matter who acquired them; each partner’s current net asset value is calculated by subtracting all liabilities from assets
- the ANC can be tailored to suit your needs
- it protects the partner who remains at home to care for the family
WhatsApp ANC to 078 173 3998 for info on Online ANC contracts.