When Is an Antenuptial Contract Necessary?
It may not be fun to think about but all marriages eventually come to an end whether by death or divorce. The fairness and ease with which this comes to pass hinges upon the agreements chosen before you tie the knot. We are, of course, referring to the antenuptial contract (ANC), otherwise known as a prenuptial agreement in South Africa.
What is an Antenuptial Contract?
An antenuptial contract is an agreement that regulates the terms and conditions of a marriage between spouses to be. The choice is whether you marry in community of property or with a prenuptial agreement. This decision is what inevitably decides who gets what once the marriage is over.
The consequences of the wrong choice here can result in frustration and hardship. This is an important decision that all future spouses need to carefully considered when planning their lives together.
We fully understand that this is a very unromantic thing to have to think about and discuss when planning such a wonderful milestone in your lives. Especially amidst the pressures of wedding prep. Thinking about the end of a marriage that has not even begun is unfathomable but it is strongly advised that you do so for your future selves.
The unfortunate fact is that more than four in every ten marriages in SA end in divorce before the 10th anniversary mark. These stats cannot be ignored.
Why Do I Need an Antenuptial Contract?
If you choose not to enter into an ANC before your marriage, you will be married in community of property. This means that all assets and debts between spouses are owned equally by both. When the marriage ends, the entire estate, including debt, is equally divided (even if one spouse enters the marriage with more assets than the other). Whether the marriage comes to an end due to divorce or death, this process can be complicated and time-consuming.
It is true that this is the way many traditionally married, but it may not be the best-suited choice for modern couples.
As a top law firm in Durban, South Africa, we see have seen the real-life consequences of such choices. Our experience will guide you to make the best choice while ensuring that your ANC mirrors your wishes.
Do you need an antenuptial contract in Durban? We have a team of specialised law attorneys who are equipped to help you with your needs. Contact The Law Offices of Karen Olivier, one of the top law firms in Durban, so that one of our lawyers may assist you and/or provide you with advice when it comes to antenuptial contracts.
