Level 5 of the lockdown and the relaxing of regulations begins to set the ball rolling for wedding season in December…
This article provides a little peek at what the options are for intended marriage partners to consider. South Africa has three ways of getting married which are:
• In community of property
• Out of community of property including accrual
• Out of community of property excluding accrual
South African law is designed in such a way that parties are automatically married in community of property unless the parties have decided to enter into an ante nuptial contract (ANC). In community if property simply means that the estates of both parties become one joint estate and they equally share in the assets and liabilities of each party.
For decades we have seen this form of marriage become the most popular choice, as for some reason parties felt that it was a way of showing that they loved each other enough to share the burdens and benefits of the marriage. This mind-set of deep ignorance can be to the detriment of both parties as we have seen some very acrimonious divorces.
As the world is evolving, we find both male and females building up their respective estates with a considerable amount of value and wanting to protect or shield that value in tough times like divorce.
A marriage subject to the accrual is where both parties retain their respective assets before marriage but share the accrued wealth acquired during the marriage. In recent times we find most parties leaning on this choice as being the fairest form of entering a marriage. The term ‘accrual’ is used to denote the net increase in the value of a spouse’s estate since the date of marriage. In other words, what was yours before the marriage remains yours, and what you have earned during the marriage belongs to both of you.
The initial value of a spouse’s estate must be declared either in the ANC or a separate statement made not later than six months after the marriage, failing which the initial value will be deemed to be nil.
The last property marital regime is out of community of property without the accrual. This is a complete separation of estates before and during the marriage and each party will attain their respective assets and liabilities. This disallows for either party to have a claim on the other person’s assets.
All three marriage systems have pros and cons and both parties should discuss this to avoid misunderstandings. One needs to adopt a fair and equitable approach in marriage which can create the backdrop for a harmonious marriage.
My personal choice is a marriage out of community of property excluding the accrual system, as this allows each party to control their personal estates during their marriage. It’s also an ideal solution for parties who are in business or seek to venture into business. This can be the most beneficial marriage for stable and/or upcoming business entrepreneurs.
Whatever regime you choose, marriage is deep friendship set on fire and a beautiful union of everlasting precious moments with two people who find LOVE…
By Ugeeta Pala, Attorney and Mediator at Ugeeta Pala & Associates, 071 096 5966, ugeeta@pala.co.za.