Is there a more perfect time to confirm your long lasting commitment to one another than Valentine’s Day? February has been dubbed the month of love, and with good reason. With so many people choosing to solidify their commitment during February, I thought it would be a good idea to expand a little on the marital regimes available in South Africa to couples choosing to get married.

Some people see Valentine’s Day as a cheesy, hallmark holiday. Others engage in it with full force. Whichever side of the fence you’re on, there are some important things to know when choosing to commit.

Planning the wedding should be fun and romantic, albeit stressful. Unfortunately, more often than not, the stress of planning overshadows any joy. I’m not trying to be a ‘Debbie Downer’ here, but my aim is rather to give you the information you need to make the best decision for your future. Marriage is a contract. It is romantic and wonderful and full of joy. But at the end of the day, at its essence, it is a contract between two people, regardless of the marital regime you choose. Both parties have rights and responsibilities when entering into a marriage.

In South Africa, there are 3 ways in which to enter into the contract, or agreement if you will, of marriage.

Firstly, the parties can choose to get married in community of property. This means that no contract is concluded prior to marriage and on the day you get married, you essentially profess that you love one another so much that you are giving the other person half of everything you have, and vice versa. There are some drawbacks with this though, as you are creating a joint estate, you can never contract independently. You will need your spouse’s approval and signature on anything and everything, including opening a bank account, buying property, transacting in your personal capacity etc.

Secondly, parties may choose to get married out of community with the exclusion of the accrual system. This essentially means, what’s yours is yours and what’s mine is mine. You are able to transact independently on all fronts. On divorce, each party retains what belongs to them, including assets and liabilities.

Thirdly, parties may choose to get married out of community of property with the inclusion of the accrual system. The value of your estate as at date of marriage is determined, and that amount will be deducted from any amounts due on divorce. An accrual calculation is done on divorce and the individual whose estate has increased more is liable to pay 50% of that growth value to the other party. This is the closest to in community of property, while still being able to transact independently during the marriage.

Feel free to contact Melanie v Aswegen Inc Home (vanaswegeninc.co.za) to assist you with the registration of your Antenuptial Contract. We currently have a lockdown special for the month of February 2020 and don’t want you to miss out!!

Written by: Ilze du Plessis (LLB)

Edited by: Jessica Redelinghuys (Mcom I/O Psyc)

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