In South Africa there are 3 different types of marriage regimes:
- In Community of Property
With this regime the spouses share liabilities equally, as well as the assets of the joint estate. This regime does not afford the spouses protection against creditors as there is only one joint estate.
- Out of Community of Property with the Accrual System
With this regime the spouses have protection against each other’s creditors for debt incurred.
At time of death or divorce the accrual is calculated and divided.
- Out of Community of Property without the Accrual System
With this regime the spouses also have protection against each other’s creditors for debt incurred. The spouses do not share any assets accumulated before or during the marriage at all.
Parties should decide BEFORE they get married which one of these regimes, they want to be applicable to their marriage. If they do not register an Ante-nuptial Contract PRIOR to their marriage, they will be married in community of property.
The ante nuptial contract must be signed before a notary in public, before the marriage is concluded and it must be registered in the Deeds Office within 3 months thereafter.
Burden Swart & Botha Inc.’ Notary, Soekie Riekert-Botha, has a wealth of experience and can assist you with the best advice pertaining to ante nuptial contracts.
For sound advice on the correct marriage regime to select prior to entering into your marriage, please contact us at Burden Swart & Botha Inc. We care greatly about our clients and we are always here to help in your time of need.