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The different types of marriage contracts:

6 years ago | 42539 Views
Community Of Property
If you do not specifically seek out a lawyer to draw up a contract you will be automatically married in community of property. That means all the cash and property that each of you own is now jointly owned. This is not a desirable position to be in, especially if your spouse is a business owner. If he or she  goes insolvent the creditors can take your things too. If you get divorced your possessions and wealth is split down the middle regardless of who brought what into the partnership. So this is not a good option unless you are marrying a shipping magnate, or an heiress and they are stupid, or love struck enough to go along with it.

Ante-nuptial
The other option is the ante-nuptial contract (ANC). A lawyer will have to draw this up and there is a cost involved. With the straight ANC if there is a divorce each party leaves with what they entered the marriage with and what they have accumulated in their personal capacity during the marriage. In other words their assets remain pretty much separate. This is a good option in second marriages if each of the parties have children. Many women balk at this kind of arrangement because they feel they may be compromised because they can not earn as much as their husbands and time may be taken to out from a career to raise children. This is really short sighted, and a tad self depreciating, who’s to say that she is not going to be the next media mogul or the CEO of a multi national? Ladies, You can still build assets in your name and protect them in a trust if you wish. If you are fast tracking it up the corporate ladder or your business is raking in cash don’t give it away. Guys its fine to go this route but you also have to remember that she may be raising your children so it is only fair that some assets are put into her name.

Ante-nuptial with Accrual
The third option in an Accrual ANC. Everything each of you owns is kept separate, but depending on how the contract is written up, if you get divorced, one of you may have to share some assets with your partner. In other words assets built up while married have to be shared according to the agreement. Sometimes percentages are stated, for example one partner may have more earning capacity at the time so they would get the lions share of the assets. However it is not cast in stone that one party will earn more than the other. So think carefully before you agree to a lesser share.

You can not easily change to an ante-nuptial contract after you are married in COP unless you can prove that there was some kind of negligence or there was a legitimate mistake on the documentation. So consider what kind of marriage agreement you want before you get married. If you feel totally compelled to change your marriage status you can make an application to do so but it will cost you quite a lot.

Did you think about this before you got married? If you didn't, would you have done anything differently?
9 Mzwazwa
Tags: Marriage

Comments

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Anonymous user 5 years
so if we bought thing together before we got married are those things going to be included in theanc contract
Anonymous user 4 years
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Anonymous user 4 years
If I'm married community of property can we still draw up a contract.
Anonymous user 4 years
It is good post.Thank you.
Anonymous user 3 years
Thanks for the information but i think its too late for me because i am stuck in the in community of property. I have been contributing a lot in terms of assets and now my husband has left and is planning a divorce.
Anonymous user 3 years
SORRY I LOVE THE ONE I HAVE WITH BECAUSE WE STUCK TOGETHER: NO MORE TURNING BACK
Anonymous user 1 year
We are going to mary soon.He is blacklisted ,am I not going to be affected if we choose commu ity of property.I want to buy house in future .
Anonymous user 1 year
If we married community of property is it possible to draw contract after this marriage
Anonymous user 4 months
I intend to divorce and I married out of community of property . we do I start?
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