12/10/2023
If you do not create an Antenuptial Agreement(ANC) in South Africa you are automatically married 'in community of property', which assumes that all assets and debts are shared.
But what does this mean? Without an Antenuptial Agreement:
1. When either spouse amasses debt, creditors can assert a claim not only on their individual assets but also on their partner's assets.
2. If one spouse owns a business and encounters financial insolvency, the jointly owned home and all assets become susceptible to debt collectors.
3. Financial and contractual autonomy is compromised, necessitating the consent of both partners for various transactions, including the sale of shares.
4. In the unfortunate circumstance of a partner's demise, the joint estate status dictates that both the deceased and surviving partner's estates are merged and administrated. This could pose problems for the surviving partner, leading to legal complexities, potential difficulty accessing funds, and the emotional distress of losing a loved one.
We also offer a quick and hassle free online Antenuptial Agreement (ANC) simply follow this link http://nfcattorneys.co.za/antenuptial/ or contact NFC attorneys on +27-12 664 1617 or email [email protected]