As the wedding season unfolds in South Africa, couples are busy planning their dream weddings. Amidst the excitement, it’s essential to consider the practical aspects of marriage, particularly when it comes to financial security and asset protection. This is where an antenuptial contract (ANC) comes in – a vital document that can safeguard your financial future and relationship harmony.
What is an antenuptial contract?
An ANC, also known as a prenuptial agreement, is a contract entered into by two individuals before marriage. It outlines the financial arrangements and asset distribution in the event of divorce, death, or separation.
It is very important that the document is signed prior to your marriage in order to ensure its validity.
Why is an antenuptial contract important?
An ANC allows parties to determine the matrimonial property regime of their marriage rather than being subject to the default position that all marriages are in community of property. This allows parties to take proactive steps to protect their assets from the creditors of their partner. It can also protect the wealth you have accrued prior to the marriage from claims in the event of divorce.
Types of antenuptial contracts
- Out of community of property without the accrual: All assets are separate and parties do not share in the growth of each other’s estates.
- Out of community of property with the accrual: All assets are separate but the parties gain a right to share in the growth of each other’s estates; thereby on the dissolution of the marriage through death or divorce the parties can share in the growth that took place during the marriage.
What to Consider When Drafting an ANC
- Full Disclosure: Both parties must disclose all assets and liabilities.
- Fairness: The contract must be reasonable and fair.
- Consensus: Each party should be satisfied with the terms of the ANC.
Conclusion
While an antenuptial contract may seem unromantic, it’s a practical step in protecting your love and assets. Our attorneys’ firm specializes in drafting and reviewing ANCs, ensuring your financial future is secure. Don’t let uncertainty cloud your happiness – consider an ANC today.
Contact Us
To discuss your antenuptial contract needs, contact our experienced family law team:
Liesl de Lange in our Gqeberha office ldelange@dtslaw.co.za or
Arno du Toit in our Cape Town office arno@dtslaw.co.za
While every reasonable effort is taken to ensure the accuracy and soundness of the contents of this publication, neither the writers of the articles nor the publisher will bear any responsibility for the consequences of any actions based on information or recommendations contained herein. Our material is for informational purposes.