Marriage is a wonderful event in anyone’s life that is full of joint decisions. But these decisions start before the marriage begins, and one of those could be to enter into a marriage contract.
All types of South African Marriages are automatically in community of property, unless parties do Antenuptial Contract (ANC). Marriage in community of property means you and your partner own everything equally. However, other than the default community of property marriage, there are two other types of marriage contracts you can opt for.
- Antenuptial Contract (without accrual system)
- Antenuptial Contract (with Accrual system)
First and foremost, an Antenuptial contract (also known as marriage contact, prenuptial contract and/or also referred to as ANC), is a written contract entered into by the couple and signed In front of a Notary Public.
Such contract need to be registered at the Registrar of Deeds within three months from the date signing it. There is purely no absolute good type of marriage it is up to parties to select their preferred suitable marriage based on their circumstances.
Need advice on your marriage contract or ANC?
1. Antenuptial Contract (ANC without accrual system)
This is purely “what is mine is mine and what is yours is yours phenomenal” and it literally means that all items accumulated or accrued by the relative spouses prior to the marriage and those accumulated or accrued during the subsistence of the marriage will not be shared in the unexpected eventualities of death or divorce.
2. Antenuptial Contract (with Accrual system)
2.1. In a broader sense, an Accrual system means that, at the dissolution of a marriage subject to the accrual system, by divorce or by the death of one or both of the spouses, the spouse whose estate shows no accrual or a smaller accrual than the estate of the other spouse, or his estate if he is deceased, acquires a claim against the other spouse or his estate for an amount equal to half of the difference between the accrual of the respective estates of the spouses.
2.2. In a narrow sense, an Accrual system, literally means that, both the prospective spouse have control over the sharing of assets accumulated prior to the subsistence of the marriage with understanding that all assets accumulated after the existence of the marriage will be shared.
2.3. The inclusion of Accrual system, can also be subject to modification as to suit both parties needs, and this can be achieved by:
2.3.1. Specifically excluding specific items;
2.3.2. Specifying commencement value of assets belonging to a particular spouse;
2.3.3. donation of specified items, or;
2.3.4. any other exclusions allowable in terms of the Matrimonial property Act.
We are able to assist you with the drafting and registration of Anti-Nuptial Agreements in addition to other notarial services.
