Something to know

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Showing posts with label accrual. Show all posts
Showing posts with label accrual. Show all posts

Thursday, 20 December 2012

How to get an antenuptial contract in Port Elizabeth, South Africa

To get an antenuptial contract in Port Elizabeth (South Africa) is surprisingly easy.

  1. You and your fiance need to see the practical benefits of a marriage, which is legally out of community of property.
  2. Get a clear idea of what both of you would like from the arrangement.
  3. Phone a notary and make an appointment to discuss an antenuptial contract. Please note that you need to clarify costs and fees beforehand and be very clear on what is included and what is not.
  4. Be prepared for the consultation
    1. Bring along both your identity documents, proof of residence;
    2. If one of you were married before bring along the Divorce Order;
    3. Make a list with questions to ask about the contract, this is the time to ask them
  5. The consultation - notaries, despite their weighty responsibilities are in general in my experience very down to earth and friendly - so there is no need to be nervous.
  6. Ask all your questions and if make sure you fully understand.
  7. Provide all the information required by the notary.
  8. The notary will then draft the contract and supporting documents.
  9. A second consultation is the arranged to peruse the draft and deal with any remaining questions.
  10. The contract is then signed in front of the notary and two witnesses and of course the parties themselves.
  11. Once signed, the couple is provided with a letter which confirms the signature of the contract, for the marriage officer.
  12. The signed and sealed contract is then sent the attorneys close to our Deeds Office (Cape Town).
  13. These attorneys are known as correspondent attorneys and they lodge (hand in) the contract at the Deeds Office and track its progress to registration, when the Registrar registers the contract.
  14. The contract will then remain in the Deeds Office, where it will be scanned in.
  15. The original (duly registered) contract is then returned a few months later to the Cape Town attorneys who in turn return to the local attorney, who will keep same until you collect it.
This simple process is all it takes, the Notary does the rest.

Monday, 22 October 2012

Marriages gone wrong ...

How often do we want to look at divorce, when starting out together? How many of us take pause and think for a moment of the practicalities before we decide on a marriage regime?

The fact is that many marriages fail and an antenuptial contract is the best means of making sure that the assets are divided equally between the spouses.

So often I am asked to draft a antenuptial contract, with accrual but to record the start values as zero. This is a very simple way of making a marriage out of community have the same end effect as a marriage in community of property. This all sounds great at the outset, but many time sometime years, even months down the line, I remind the couple of the consequences of their decisions, which now seem so much more real, now that the spectre of divorce has materialised.

Now, the couple need to realise that in spite of their marriage being out of community of property, the accrual with zero start values translates into the same effects as in community of property.

This often let's one of the parties feel cheated,which is usually the one who contributed the most.

When entering into an antenuptial contract and make sure you know that your decision will have far reaching consequences.

Monday, 11 July 2011

Ways to get married in Port Elizabeth, South Africa

In South Africa the principal ways to get married are:
  1. In community of property;
  2. Out of community of property - including the accrual system;or
  3. Out of community of property - excluding the accrual system. 
I would like you to remember that these blog posts are not legal advice - but it may in some simply way help you better understand your options, when thinking of getting married. It is important that you consult with a notary or an attorney to obtain proper legal advice.

In my practice most couples want one of these three options, in future posts I shall be looking at these various options.

It is important to note that should you want a marriage out of community of property - you need an antenuptial contract to be signed before a notary, before you get married, if not you are married in community of property.