MARITAL REGIMES

Did you know that there are different types of marriage contracts to suit your financial needs, security, and preference?

Let’s have a look at the three main contracts:

MARRIED IN COMMUNITY OF PROPERTY

• Husband and wife are the owners of the joint estate
• All assets and liabilities attained prior to the marriage are incorporated to form a single, joint estate
• Assets and liabilities accumulated during the marriage by both parties form part of the single, joint estate
• Both husband and wife share in the profits and losses of the joint estate during and upon dissolution of the marriage

MARRIED OUT OF COMMUNITY OF PROPERTY WITHOUT ACCRUAL

• Becomes effective when the parties enter into an Antenuptial contract
• Contract sets out the rules and conditions in respect of division of assets which apply during and upon dissolution of the marriage
• For the contract to be effective, parties need to sign it prior to the date of marriage
• The assets and liabilities owned by a person prior to the marriage as well as assets and liabilities accumulated during the marriage belongs only to that person

MARRIED OUT OF COMMUNITY OF PROPERTY WITH ACCRUAL

• Becomes effective when the parties enter into an Antenuptial contract
• For the contract to be effective, parties need to sign it prior to the date of marriage
• Each party retains and control his/her existing assets as well as his/her liabilities at the start of the marriage
• Parties to share equally only on the accumulated growth to their estate upon dissolution of the marriage

ISLAMIC LAW & HINDU MARRIAGES

• These marriages are not recognised in RSA yet
• They should be married in court too and it will be in community of property unless they have signed an out of community contract three months prior to the date of marriage