What does it mean to get married in community of property?
“In community of Property” commonly refers to a South African Matrimonial Property System where the estates of two individuals are joined into one communal estate when these individuals enter into a marriage.
All assets and liabilities of the prospective spouses, whether in existence before the marriage or obtained or incurred thereafter, will subsequently form part of the joint estate of the spouses. Certain exceptions to this rule exist, for instance where an asset is specifically excluded from a joint estate by the last will and testament of a deceased parent.
This joint estate will subsequently be held liable for the debts and liabilities of any spouse, including maintenance owing to his or her previous spouse or children. Creditors of one spouse may very well also attach and sell the assets of the joint estate to recover outstanding debts owing by any of these spouses.
Is this the right marriage system for you?
Entering into a marriage in community of property with a spouse with a questionable financial history or risky business interests will inevitably expose the other spouse to great financial loss.
Marriages in a community of property generally only favours spouses in a weaker financial position, usually to the detriment of the other spouse and offer very little, if any, advantage to any spouse.
Upon the dissolution of a marriage in community of property, the estate stands to be divided into equal shares amongst the spouses, including their interest in any pension or provident fund, irrespective of a party’s contribution to the joint estate. The division of joint estates has subsequently proven to be complicated and expensive in most divorces.
This marital regime applies to all marriages where the parties have not concluded and registered an antenuptial or prenuptial agreement and prospective spouses subsequently neglect to obtain legal advice from an experienced family attorney before entering into a marriage in community of property.
We highly recommend that proper legal advice from a family lawyer is sought before entering into any marriage, including a marriage in community of property.
