Marriage is a significant step in life that goes beyond love and celebration. It involves important legal aspects that should not be overlooked.
At Durban Law Offices, we aim to help you easily navigate these legal waters. Here are some key points to consider before you say “I do”.
Understanding Marriage Contracts
Marriage is not only a commitment of love but also a legal agreement that impacts your financial status. In South Africa, there are several marriage contract options, including:
- Marriage in community of property: This is the default marriage system in South Africa. If you don’t sign any contract before getting married, this system applies. In the event of divorce, the assets and debts of both partners are combined and shared equally.
- Marriage out of community of property without accrual: In this type of marriage, an antenuptial contract (ANC) is signed without the accrual system. This means that each partner maintains separate control over their assets and debts, both before and during the marriage.
- Marriage out of community of property with accrual: This is similar to the above but with the addition of the accrual system. The accrual system ensures that both partners share in the growth of their combined assets during the marriage.
An ANC agreement is recommended as it helps safeguard your assets and outlines financial responsibilities in case of a divorce. But it’s not only useful in the event of a split. If one partner faces bankruptcy, the ANC can protect the other partner from creditors.
Thinking About Wills And Estates
Marriage often prompts individuals to contemplate their future, including what happens after death. Creating a will ensures that your assets are allocated according to your wishes.
It is advisable to discuss this with your partner and make any necessary adjustments after marriage. Without a will, the law determines who inherits your assets, which might not align with your intentions.
While marriage is a joyous occasion, it also comes with legal considerations. By thinking about these matters beforehand, you can ensure a smoother transition into this new phase of life. Contact Durban Law Offices today for assistance with these considerations and all other family law matters.