Rauch Gertenbach Attorneys for Wedding in Garden Route | Rauch Gertenbach Attorneys, Antenuptial Contracts & Wedding Attorneys | Antenuptial |
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Rauch Gertenbach Attorneys |
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Rauch Gertenbach Attorneys |
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Most people are married, wants to get married one day, or is part of an unsteady marriage that might dissolve. If you are planning to get married it is important to know what types of marriage dispensations exist, in order to weigh your options and to enable yourself and your partner to make choices in this regard.
The Matrimonial Property Act nr 88 of 1984 makes provision for three types of marriage dispensations. Firstly, marriage in community of property. The estates of both parties are combined in this type of marriage. The parties enjoy financial equality but do need permission from one another if the assets of the estate need to be sold. Verbal permission is sufficient, but in some specific cases written permission and/or the signature of the husband or wife is required.
The second option is marriage out of community of property without the accrual system. In a marriage out of community of property, a prenuptial agreement must be entered into. This agreement should be executed by a Notary. The prenuptial agreement should be signed before the marriage is entered into. If not a marriage in community of property comes into being. The prenuptial agreement must be registered in the Deeds Office within three months after the marriage ceremony took place, to make it binding. If not, the marriage will be viewed as a marriage in community of property. In a marriage out of community of property without the accrual system, each party has total control over their assets and may do with it as he/she pleases.
The third option is marriage out of community of property, including the accrual system. Special mention should also be made of this in the prenuptial agreement. In this dispensation each party retains the assets he/she had before the marriage was entered into, and said assets are excluded from the accrual. The seperate estate assets of the parties are noted in the prenuptial agreement at the signing thereof. Inherited assets, donations and damage compensation for personal injury are excluded from the accrual. The assets accumulated by the parties after the marriage took place, form part of the accrual and will grow during the duration of the marriage.
If the marriage comes to an end due to divorce, the assets of a marriage in community of property will be divided equally in most instances. In a marriage out of community of property without accrual, each party retains his/her assets. In a marriage with the accrual, the estate assets of each party are determined seperately and half of the netto difference between the growth of the two estates is transferred to the person with the smaller estate growth. |
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