If you are getting married in South Africa, it is important to know the different matrimonial property regimes and whether you need an antenuptial contract. Each regime will have unique implications on your marriage and your future. South Africa offers three matrimonial property regimes to choose from, including marriage in community of property and marriage out of community of property, either with or without accrual.
Marriage in Community of Property
The default matrimonial property regime in South Africa is marriage in community of property, which results in one joint estate between you and your spouse. If you are married in community of property, you and your spouse share everything in the estate equally, including both assets and liabilities. The ability to enter into certain transactions, without the consent of your spouse, will be restricted.
Marriage out of Community of Property (without accrual)
Marriage out of community of property without the accrual system results in each spouse having their own completely separate estate. This means each spouse retains what they came into the marriage with, plus anything they acquire during the marriage, including debts.
Marriage out of Community of Property (with accrual)
When the accrual system is added, the distribution becomes a little more balanced. Each spouse still retains their separate estates but, when the marriage ends, the spouse whose wealth grew less during the marriage gets a portion of the other spouse’s growth. Certain property is excluded from the accrual calculation, such as inheritance, and specified assets or interests can also be excluded.
If you wish to get married out of community of property, either with or without the accrual system, you will need to enter into an antenuptial contract before you get married. The antenuptial contract must be signed in front of a notary public and will be registered in the Deeds Office.
Lee & Truter Attorneys offers comprehensive notary services and can assist you with your antenuptial contract. Before signing the antenuptial contract, we will hold a consultation to determine the best matrimonial property regime for you and your spouse. After signature, we will ensure that your antenuptial contract is correctly registered with the relevant Deeds Office.