Getting married is a big step in many ways. When two people decide to merge their lives it’s not only a physical, spiritual and emotional bond, but also a financial and legal bond. There are a number of implications that come with signing a marriage certificate. Couples can usually choose to get married either in community of property or to sign an antenuptial contract.
There are two types of Antenuptial contracts:
- One that excludes community of property, community of profit and loss and the accrual system
- One that excludes community of property and community of profit and loss, but includes the accrual system
The accrual system means that each spouse can acquire a certain right to the other’s property in divorce.
It’s often advised that the parties obtain independent and separate legal advice before committing to the terms outlined.
Why are Antenuptial contracts important?
They are important because they dictate the financial and proprietary consequences of the couple’s future. If you don’t sign an ANC before you get married, you will automatically become married in community of property.
Provisions can be included in the Antenuptial contract, as long as they are not against the law, good morals or the nature of marriage.
How do Antenuptial Contracts work?
- These days the process has been simplified as it can be done virtually.
- There are numerous law firms in South Africa that specialise in drawing up ANCs.
- You can visit such a law firm’s website (such as bregmans.co.za or www.loattorneys.co.za) and complete an online form.
- Thereafter a Proforma invoice will be emailed to you
- Attorneys will proceed only once payment has been received from you
- They will then draft the ANC and power of attorney
- These documents will be emailed to you within two business days after payment
- You print, sign and send back the documents via courier with necessary supporting documents
- A letter of confirmation that you have entered into an ANC will be sent to you
- Once the ANC is registered at the Deeds Registry, a copy will be sent to you for your safe keeping.