Community of property If you choose not to draw up an antenuptial agreement in South Africa then you will automatically be married ‘in community of property’. The state assumes that all assets and liabilities of both husband and wife are shared. It simply means that everything which is his is hers and everything which is hers is his. It sounds just fine doesnt it … exactly in the spirit in which you entered into the marriage? Consider a few things however: Disadvantages: If one of you gets into financial trouble, creditors have a claim against both of you. There is also no financial independence; if the wife wants to open a clothing account, the husband has to sign the account application; if the husband wants to buy a car, the wife has to sign too. Every business transaction requires the consent of both parties. If one partner should die, the estate of both the deceased and surviving partner will be wound up because it is a joint estate – not great for the surviving partner who will find themselves in legal limbo for a while. Advantages: on death or divorce, the estate is divided equally
Posted on: Mon, 10 Mar 2014 17:07:52 +0000
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