25/01/2022
Marriage in community of property
The sad fact that lies at the centre of what should be a joyful time is that
young people are often so excited about getting married and all the nice
things that go with it, that they don't give much thought to antenuptial
contracts, assets and the like. Most people do what the elderly lady did
at the station and don't make a choice, which in effect means that they
get married in community of property. What effect does this have? it
results in everything that belongs to you and your spouse falling into a
communal estate that is co-owned by you and your beloved.
The consequences of this are as follows: you share all assets and li-
abilities (meaning debts) that the two of you had at the time you got
married. If one of you sues someone for defamation, the damages will
land up in the joint estate. If your husband has a gambling problem, his
gambling debts become your gambling debts. If your wife has a weak-
ness for plastic money, the debts are your debts too. If the sheriff pays
a visit, it is like a visit by your mother-in-law - he comes to visit both
of you. If your husband's business goes under, your savings go under
too and you are declared insolvent jointly.
Why then would anyone want to get married in community of property?
They do so because it is the simplest contract there is: you enter into
such a contract by doing "nothing" (except getting married). Moreover,
this doing
"nothing" also costs nothing and it also feels right, as isn't
marriage supposed to be a partnership of everything, including your
assets? However, be warned: It is a dangerous regime.