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You have 3
choices when getting married. You can either get married:
1. In Community of Property
2. Out of Community of Property with accrual
3. Out of Community of Property without Accrual
- In a marriage In Community of Property – the assets of both spouses are combined to form a joint estate. Each own the assets in equal shares and each owns the debts or liabilities in equal shares
- In a marriage Out of Community of Property with accrual, an accrual calculation is done on termination of the marriage and the spouse with the larger accrual shares with the other spouse. The accrual calcualtion is explained in depth in our consultation.
- In a marriage Out of Community of Property without accrual the assets and liabilites of both parties are seperate during the marriage and both parties retain their assets and liabilities on termination of the marriage.
DISADVANTAGES OF A MARRIAGE IN COP AND ADVANTAGES OF AN ANC
Getting married In Community of Property can be very limiting and problems can arise if one person has no control over their finances and gets into debt. In a marriage In community of Property there is a joint estate and unfortunately the debts of one person are the debts of both parties in the marriage. Creditors can attach the assets of the joint estate irrespective of which spouse incurred the debt. This is why an Antenuptial contract is so important- A marriage Out of Community of Property protects you from the insolvency and debts of your spouse. |
