Preparing for your big day should involve more than colour schemes, wedding ceremonies, and receptions. It should without a doubt include a long-lasting financial decisions, specifically: which marital regime would be most suited to your specific needs and circumstances?
Your chosen marital regime or Matrimonial Property System will determine how your estate will be managed and eventually distributed when you pass away or get divorced.
Couples very seldom busy themselves with the unpleasant thoughts of divorce and death at the dawn of their married life, and are more often than not, forced to endure the dire consequences of their naivety, especially in light of the fact that almost forty percent of all marriages end in divorce.
Your preparations for the big day should therefore include a consultation with an experienced family attorney, who will apply his/her experience and skills to advise you in respect of marital regimes as well as to review your last will and testament.
Choosing your Matrimonial Property Regime
South African law typically provides for three different Matrimonial Property Regimes namely “In Comunity of Property”, “Out of Community of Property with the exclusion of the Accrual System”, and “Out of Comunity of Property with the inclusion of the Accrual System”.
These agreements may also be concluded between partners in same-sex partnerships and marriages.
Marriages “In community of Property” does not require the conclusion and registration of an Antenuptial Agreement and is considered to be a default matrimonial property system.
Marriages “Out of community of Property”, whether with inclusion or excluding the accrual system, require the conclusion and registration of an antenuptial agreement before your big day.
An antenuptial agreement is also referred to as an A.N.C or ‘prenuptial agreement’ and regulates the terms and conditions of a marriage between prospective spouses. As the future financial security of spouses will largely depend on these terms and conditions it is highly advisable to obtain proper advice from your attorney and to discuss your views and needs with your future spouse before concluding such an agreement.
Please ensure that you have copies of your identity documents at hand when you consult with your attorney as he/she will need it to draft the necessary documents.
After drafting and signing your prenuptial agreement, your attorney will register it with the relevant deeds office and you will be provided with the original shortly thereafter. Remember to retain this original as most financial institutions will require a copy thereof when you apply for financing or even when opening a banking account.
