|Address:||14 Glenvista Road, Woodhill Estate, Pretoriuspark, Pretoria|
ANTENUPTIALS offer Antenuptial Contracts, Conveyancing, Lease Agreements and Wills in Pretoria, Gauteng
This is the beginning of your marriage, why would you need to think about how it would end?
The sole purpose of an Antenuptial Contract should not be to protect in you in case of divorce. It is an opportunity to start with estate planning, no matter how big or small your estate is. You choose to protect your assets in case of insolvency and determine how estates will be divided upon the death of a spouse.
- Out of community of property means there is a total division of the parties’ individual estates. Each party has a separate estate and is the owner of its own assets and liable for its own debts.
- No party is liable for the other parties debt incurred and in the case of insolvency, only the insolvent party’s estate will be at risk
- No need for exclusion of any assets when the antenuptial contract is signed as all assets will be viewed as separately owned
- Parties do not need each others consent to buy assets or incur debts
- With out of community of property with accrual, a starting value is chosen for each party’s estate on the date of marriage. This value is everything the parties own before marriage which they wish to exclude from the accrual after marriage.
- An advantage is that each party has their own separate estate throughout the marriage and neither party is liable for the other party’s debts incurred. With proper financial planning, this approach will not lead to both parties’ assets being at risk if one of the party’s estate is sequestrated. Parties do not require each other’s consent to buy assets or incur debts.
What is the Accrual?
- It is the growth of the estates during the marriage. The accrual of each estate will be calculated on the date the marriage comes to an end (either my death or divorce). The value each estate started with, will be subtracted from the final values of each of the estates.
- The estate that shows the least growth, is entitled to half of the difference in growth between the 2 estates. If one party’s estate grew more during the marriage, the other party is compensated when the marriage ends.
- This marital regime is the closest to ‘in community of property’ as can get as the parties share in the accrual, but it is also ‘out of community of property’ as they enjoy the protection in the case of the other party’s sequestration
- No contract is needed to be married in community of property.
- Everything the parties own before the marriage will be joined and everything (assets and debts) acquired during their marriage will be shared. During the marriage, each party will own half of the joint estate.
- Some disadvantages are that both parties are liable for each other debts. In case of insolvency, both parties’ assets will be at risk and both can lose their assets, irrespective of who incurred the debt. Each other’s consent will be required to buy assets or to incur debts
- When the marriage ends, the estate will be divided equally.
Other Services We Offer
- CONVEYANCING - Contact us for assistance if you are buying or selling property
- LEASE AGREEMENTS - We can assist with residential lease agreements
- WILLS - Get your updated will ready for when you get married