Why is a marriage contract necessary?
When wrapped up in the exitement of planning a beautiful wedding and the future together, it is safe to assume that legal matters such as a marriage contract will not exactly be your top priority.
Couples are often reluctant to discuss the issue of an antenuptial contract (ANC) because they fear that talking about the possibility of divorce even before the marriage will spoil the air of romance and love.
But... It is in the best interest of both intended spouses to discuss this issue timeously to ensure that they both get what they want as far as their collective financial future is concerned.
The contract serves to clarify, formalise and give lrgal force to the intentions of the couple.
when should we start?
In order to ensure that your contract is drawn up and registered with the Deeds Office before your wedding date, it is important that you and your fiancee consult an attorney at least three months before the wedding date. The contract should be lodged in the Deeds Office prior to marriage.
what should be in our contract?
You and your fiancee need to confirm the manner whereby your financial affairs will be conducted. In particular, you should decide whether you wish to share in each others profits and losses and to what extent.
There are in essence two possible scenarios in which an ANC be entered into:
1) Out of community of property with the application of the accrual system.
2) Out of community of property without the application of the accrual system.
what happens if we do not enter into a contract?
It is important to note that where a couple does not enter into an ANC, they will be married in community of property, which means they will have only one shared estate. They will share in each other's profits and losses.
This means that a creditor who has a claim againstboth or either one of you for the recovery of a debt, can sue and recover against both or either oof you as they choose.
--->see also Family Law