Antenuptial Contracts
In South Africa, an antenuptial contract (ANC) is a legal agreement entered into by two people before they get married that outlines the terms of their property and financial rights in the event of a divorce or death. The ANC is signed before a Notary Public and is then registered at the Deeds Office.
This process must be completed before the marriage takes place.
An ANC can be a "marriage in community of property" or "out of community of property". In a marriage in community of property, both parties' assets and liabilities are combined and are jointly owned, while in a marriage out of community of property, each person maintains ownership of their separate assets and liabilities.
It is important to note that in South Africa, the default marriage regime is in community of property, if the couple did not sign an ANC.
Marriage out of Community of Property explained:
A marriage out of community of property (OOCOP) is a type of antenuptial contract (ANC) in South Africa, under which each party maintains ownership of their separate assets and liabilities, both acquired before or during the marriage. This means that each party's assets and debts are kept separate and are not combined into a joint estate.
In the event of a divorce, the assets and debts of each party remain separate and are not subject to division. However, any assets acquired during the marriage by one party might be considered as "joint assets" and be divided accordingly.
The OOCOP ANC is generally chosen by people who want to protect their assets and liabilities that they had prior to the marriage, such as property, businesses, trusts, and inheritances. This type of ANC is also chosen by people who want to avoid any potential liability for the other party's debts and financial obligations.
It's important to note that OOCOP ANC also has some drawbacks, such as the lack of protection in the event of death, where the assets of the deceased are divided according to the will of the deceased, rather than the law. It's important to discuss and understand the consequences of each type of ANC with a legal expert before signing.
Marriage Out of Community of Property with Accrual explained:
Marriage Out of Community of Property with Accrual is a variation of the standard Marriage Out of Community of Property in South Africa. It is a legal agreement entered into by two people before they get married that outlines the terms of their property and financial rights in the event of a divorce or death.
In this type of ANC, each party maintains ownership of their separate assets and liabilities acquired before or during the marriage. However, an accrual system is used to calculate the nett value of each party's assets at the time of divorce. The assets accumulated during the marriage by each party are taken into consideration when dividing the assets.
The accrual system works by calculating the nett value of each party's assets at the time of the divorce, taking into account all assets owned by the parties on the date of the marriage, and all assets acquired by the parties during the marriage. Each party's nett value is calculated separately, and the party with the larger nett value is required to pay the difference to the other party.
This type of ANC allows parties to keep their assets separate, but also takes into account the assets accumulated during the marriage, ensuring a fair distribution in case of divorce. It is important to consult a legal expert to understand the implications of this type of ANC and to determine if it is the right choice for you.
What We Offer
Leoni Naude Inc attorneys in Benoni is pleased to offer a special rate of R1450.00 all inclusive for our antenuptial contract services. This offer includes a consultation in person or online with one of our experienced attorneys to discuss your specific needs and answer any questions you may have about the process.
We will work with you to ensure that your antenuptial contract is tailored to meet your unique needs and protect your rights.
Don't miss out on this opportunity to secure your assets and financial future.
Contact us today to schedule your consultation and take the first step in protecting your future."
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How to make your Appointment
To take advantage of this special offer, please book your appointment for online or in person consultations via WhatsApp or follow the below link to our bookings page.
You can also call us on the below number to schedule your consultation.
Our team is ready to assist you with all your legal needs.
We are also assisting couples after hours or on Saturdays.
Don't hesitate, book your appointment now and secure your financial future.
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Email: Admin@Lninc.co.za
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