Being married in Community of property is not for everyone, in fact in England it is the exception rather than the rule.
In South Africa a couple is automatically married in community of property if they do not sign an antenuptial/prenuptial contract in front of a notary. Whereas in England for example the opposite is true, couples are automatically married out of community of property.
The purpose of executing an Antenuptial/Prenuptial agreement is to:
1. Exclude the Community of Property system from your marriage.
2. As well as include or exclude the accrual system from your marriage.
Therefore there are two variations of Antenuptial/prenuptial Contracts (both of them exclude community of property from the marriage):
1. With accrual:
During the marriage both you and your spouse’s estates are fully independent from one another. Only on dissolution of the marriage by death or divorce does the accrual come into operation. Property acquired before the marriage is not shared, and only the growth in each party’s estate during the marriage forms part of the calculation of the accrual amount which will be shared.
2. Without accrual:
During and after the marriage both you and your spouse’s estates are fully independent from one another.
It is important that this antenuptial/prenuptial agreement be signed before your marriage. If it is not you will be married in community of property. The remedy for that is complicated, costly and undesirable.
Contact us for professional advice from our attorney and notary Gilad Cohen. We practice as attorneys and notaries in the north of Johannesburg.
Payment is required before we commence with preparing your agreement, please contact us for our account details.