Have an Ante – Nuptial Contract in place

It is not uncommon for people wanting to change their property regime. When we deal with legal matters of this nature, we urge people to make sure that they understand the process and what it means going forward once this has been done.

For those of you contemplating marriage, the legal expert would advise that you have an Ante – Nuptial Contract in place. Here he explains why this is crucial in protecting your assets:

The usual process to be married Out of Community of Property is to enter into an ante nuptial contract before the marriage. The contract will have clauses in it stating:

That there shall be no community of property;
That there shall be no community of profit or loss; and
That the accrual system provided for in Chapter 1 of the Matrimonial Property Act, no 88 of 1984 is expressly excluded from the marriage.

However, if you did not do so, there is a way of changing your matrimonial property regime from In Community of Property to Out of Community of Property. For this, you need the consent of the High Court in your Jurisdiction. Here you will make use of section 21 of the Matrimonial Property Act 88 of 1984.

For more on this topic, see How to Change Your Matrimonial Property Regime .

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Registering an Ante – Nuptial Contract

First of all, it is crucial to note that if you get married without an Ante Nuptial Contract, you are automatically married in community of property. But what exactly is the purpose of having an ANC?

An ANC is an agreement in black and white between two parties before entering into marriage. The agreement stipulates how assets will be dealt with in the event of divorce or death. Having an ante nuptial contract benefits you in the following ways:

Debt incurred by the other party, will not be affect you financially due to the ANC in place.
The ANC allows the parties to remain separate in estates.
Parties will not need each other’s consent in financial dealings.
Parties can maintain their own financial independence.

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In Community of Property VS Out of Community of Property

First of all, for this process to unfold legally, you need to have the guidance of a family legal expert. The legal professional will explain the different ways you can go about altering your matrimonial regime between you and your spouse.

In turn, the parties involved must gain a clear understanding of why they’re changing their property regime and how this will impact their financial situation. It is therefore the duty of the legal expert to ensure that you are doing things legally correct.

Do you have some questions you would like to ask regarding this topic? See Changing your Matrimonial Property Regime Questions and Answers page.

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For a one on one professional legal consultation with the family legal expert, call our law offices for an online legal appointment today!