What is an antenuptial contract?

An antenuptial agreement is entered into where couples do not want to get married in community of property and is concluded before marriage. An antenuptial agreement might be especially important for someone who already has assets like a business, or family obligations like children from a previous marriage.

What should be included in an antenuptial contract?

The Antenuptial contract may also include a variety of terms and conditions, usually relating to the division of assets in the event of death or divorce. During the marriage each spouse will retain his or her separate property and would have complete freedom to deal with that property as he or she chooses.

What is antenuptial contract with accrual?

Antenuptial contract with accrual refers to one of three civil marriage regimes recognised under South African law. Most commonly known as “Marriage out of Community of Property subject to the Accrual System”, this system requires an antenuptial agreement to be drawn up by an attorney before the date of marriage.

What makes an antenuptial contract invalid?

If any of these circumstances occur, namely that you are married before you conclude an antenuptial contract, or the authorised person you gave Power of Attorney to, appeared before the notary after the date of your marriage, or the notary did not register the antenuptial contract within three months of date of …

Who signs an antenuptial contract?

2. MARRIAGE OUT OF COMMUNITY OF PROPERTY (STRAIGHTFORWARD): The parties must sign an antenuptial contract before the marriage to apply this system. Both parties retain their own estate (in other words, each party keeps his own assets and liabilities).

How much does an antenuptial contract cost?

Cost of an Antenuptial Contract – any Province in South Africa. ​This contract typically range from R2500. 00 for a “basic” contract (we believe this rate is reasonable) and can go upward, depending on complexity and the seniority of the Attorney used.

What are the validity of the antenuptial contract?

The presence of an Antenuptial Contract means that the marital property regime is that of out of community of property and the parties must specifically stipulate whether they would like the accrual system to apply to their marriage or not.

What is excluded from accrual?

These are assets owned by either spouse, or even by the spouses jointly, that they want to ignore when calculating accrual. By excluding an asset, you prevent your spouse from obtaining any benefit from the growth on the value of that asset during the marriage.

How is antenuptial contract calculated?

Wife’s Estate Subtract her total liabilities or debt at dissolution of the marriage which comes to R 35,000. Now, the current value of the wife’s estate is R 90,000. Then subtract the commencement value of her estate, stated in the Antenuptial Contract of R 10,000.

Can an antenuptial contract be signed after marriage?

It is possible to enter into an Antenuptial Contract after marriage – this is called a Postnuptial Contract.

When should antenuptial contracts be executed to be valid?

3 months
It is a legal requirement for an Antenuptial Contract to be registered in the Deeds Office within 3 months of execution thereof by the contracting parties (Sections 86 and 87(1) of Act 47/1937), to be valid against 3rd parties, the public at large.

How long does it take to register an antenuptial contract?

approximately two to three weeks
It takes approximately two to three weeks to register an Antenuptial Contract, but this varies from one deeds office to the next. After it is registered, it can take anything from one to six months for the deeds office to scan the document into its data base and return the original to the notary.

Why do I need an antenuptial contract?

There are various reasons why couples should enter into an Antenuptial Contract prior to their marriage. The 7 most common reasons are: An Antenuptial Contract can be drawn up to give you the same advantages of being married in community of property , without the disadvantage of being held liable for your spouse’s debt.

What does ‘antenuptial agreement’ means?

Legal Definition of antenuptial agreement : an agreement made between a couple before marrying in which they give up future rights to each other’s property in the event of a divorce or death – called also prenuptial agreement Comments on antenuptial agreement

What is an anti-nuptial contract?

An Antenuptial contract is an agreement entered into between two parties prior to their marriage and is often referred to as a “prenuptial”. Upon entering into the agreement, the parties agree to exclude the system of Community of Property from their marriage.

Can an unregistered antenuptial contract be binding?

The antenuptial contract would, however, be valid and binding as between the parties. The reason being because the unregistered antenuptial contract reflected the common intention of the parties at the time the contract was entered into. This had the effect that an informal antenuptial contract existed between the parties.