Drawing up an antenuptial contract isn’t about greed; it’s about ANC, you will be married out of community of property with accrual, unless the. This matrimonial property regime involves an antenuptial contract (i.e. an agreement entered into before the marriage) where community of property and profit. Marriage Out Community of Property with the Inclusion of the Accrual . Onine Trusts Online Antenuptial Contracts · Online Wills Online Legal Services.
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Prospective spouses need to specifically mention that they wish for exclusion of the accrual system in their antenuptial contract in order for it to be excluded. The advantages of such a marital regime include the protection of each spouse’s assets from the creditors of the other spouse.
Thus neither spouse will be affected by the debts or liabilities of the other.
Benefits of an Antenuptial Contract – GS Law
However, they will share the assets they acquire from the start of the marriage. The sharing of these assets only takes place once the marriage ends. Accrual relates to the extent of increase of the joint wealth between spouses throughout the marriage.
Should one spouse have a smaller accrual than the other, then he or she will have a claim against the difference between the two amounts. In order to do this, the net value at the commencement of the marriage as antenuptisl in the Antenuptial Contract is subtracted from the net value at dissolution.
Antenuptial Contracts with Accrual
The net value of the possessions of each party is declared at the beginning of the marriage in their Antenuptial Contract.
The net worth of these assets may also be declared in a written statement before the marriage or within six months of it taking place.
Should the debts of either spouse at the time of the marriage be greater than the value of the property of his or her property then the net value of the partner at the start of the marriage is nil. In the event of either partner failing to state the value of his or her property wit the Antenuptial Contract or separate statement, then the net value of the his or her will also be valued at nil and proof will be required to show otherwise.
Everything that a spouse owns at the end of the marriage is usually treated as having been acquired during the marriage if their estate is regarded as nil. They will have to prove that said property belonged to them before the marriage took place in order for it to be deemed as such.
However, when working out the accruals of each spouse, some property is not taken into account. The consumer price index is taken into account and an allowance is made for factors which could affect the difference in the value at the start and end of the marriage such as the inflation rate.
Subtract his total liabilities or debt at the dissolution of the marriage which equates to RSubtract the commencement value of his estate, stated in the Antenuptial Contract of R 20, which gives you a Subtotal of RThen subtract the adjustment for inflation on commencement value of R 10, Subtract her total liabilities or debt at dissolution of the marriage which comes to R 35, Then subtract the commencement value of her estate, stated in the Antenuptial Contract of R 10, This give a Subtotal of R 80, The estates of both spouse will have thus increased by the same value since the start of the marriage.
However, only at the dissolution of the marriage can an accrual claim be made. If dissolved as a result of death, then the accrual claim has to be paid before a will or intestate succession can come into effect. The same can be said if the surviving spouse has a greater accrual, in which case the estate of the deceased spouse would have a claim against the surviving spouse.
If the estate of the first dying spouse has a greater accrual, the surviving spouse would have a claim against the deceased estate. The accruals will not need to be worked out in the event of the surviving spouse being elected as the sole heir or heiress by way of a will or intestate succession as he or she will receive everything anyway.
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Contact us for your antenuptial contract. Subscribe to our Newsletter. Book a Free Consultation. When marrying a foreigner in South Africa, there are various legal requirements which must be met in order for the marriage to take place. Living together unmarried has definite implications that ensure you need to plan your financial partnership very carefully.
This is partly due to a lack of the obligations and protection that a marriage contract automatically provides. Advantages of the Accrual System The advantages of such a marital regime include the protection of each spouse’s assets from the creditors of the other spouse.
How is accrual calculated? Declaration of Assets in Antenuptial Contract The net value of the possessions of each party is declared at the beginning of the marriage in their Antenuptial Contract.
Any damages that are awarded to either spouse as a result of defamation or for pain and suffering; Inheritances, legacies or gifts that have been received by either spouse during the marriage, unless the parties have agreed in their Antenuptial Contract to include these or the donor stipulated that the other spouse should be ckntract as a beneficiary of accruzl Donations made by one spouse to the other.
Marriage out of community of property with accrual
This is not counted as part of either giver or receivers estate, and the giver is not allowed to try and recover the donated part nor does the receiver have the right to return any part of it. Any compensation received as a result of injury received during the marriage. Antenuptial Contracts with Accrual and Deceased Estates If dissolved as a result witb death, then the accrual claim has to be paid before a will or intestate succession can come into effect.
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