đź’ŤHe popped the question and she said yes!đź’Ť
The bigger question you should be asking as a couple is according to which regime will you be married ?
âť“In community of property or out of community of property ? With accrual or without accrual?âť“
For most couples, these terms often sound so confusing that even after being married you still don’t seem to understand it. Let’s break it down for you lovebirds❤️
What does being married IN community of property mean for both of you?
Each spouses assets and liabilities, even those acquired before marriage, now form part of a joint estate in which each spouse is entitled to an undivided half-share. Spouses are also responsible for each other’s debts and require one another’s consent before concluding certain agreements.
What does being married OUT of community of property mean for both of you?
The spouses assets and liabilities are not joined. Each spouse retains their own estate. Therefore if you wish to get married under this regime you will need to have an ANC drafted.
An Antenuptial Contract (ANC) is a contract stipulating the terms and conditions in respect of the exclusion of property signed by two parties before their marriage. The contract has to be signed before a Notary and registered in the relevant Deed’s Office. If you do not sign an ANC before marriage, you are automatically deemed to be married IN community of property.
The difference with This regime is whether you opt to get married Out of COP WITH ACCRUAL OR WITHOUT ACCRUAL.
Accrual refers to a system used to calculate how much the larger spouse’s estate will pay the smaller spouse’s estate if the marriage comes to an end.
Parties who enter into a marriage out of community of property with accrual only share what they have built together during their marriage.
On the other hand, signing an ANC without accrual means what’s his is his and what’s hers is hers.
Protect your marriage by signing an ANC!!! If you are about to get married and chose to marry out of community of property contact @awattorneys today for affordable, trusted and experienced legal advice
#Your matter in safe hands