Page 36 - TODAY Magazine Issue 1 2022 - Old Mutual

YOUR FAMILY MARRIAGE CONTRACTS
ANTENUPTIAL CONTRACT
An antenuptial contract (ANC), also called a prenuptial contract, is drawn up by a lawyer for couples who want to be married out of community of property and has to be registered with the Deeds Office. This includes customary marriages. An ANC determines how your property will be divided in the case of death or divorce. It’s possible to draw one up or change yours after you are married, but this costs more and you will have to apply to the High Court.
Also keep in mind that you will have to get your partner’s permission for certain transactions such as buying property and applying for a home loan or credit since they will be jointly accountable for it.
When one partner dies before the other, the entire estate will
be wound up before it is divided among the beneficiaries. This basically means that all debts will be paid first before the remaining assets can be shared among the beneficiaries.
Out of community of property without accrual
This is the simplest agreement of the three and says what’s yours is yours and what’s mine is mine. Should you divorce, you will keep the assets and liabilities you acquired or took on before and during the marriage, and your ex gets what they acquired or took on before and during the marriage, including retirement savings.
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ISSUE ONE 2022