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These are the legal and financial implications of lobola which you need to think about before the processTo be on the safe side, it is important for couples to determine their desired marriage regime before embarking on any lobola process.
Lobola is widely established in South Africa and each culture has its own set of rules and practices, according to Hopewell Sathekge, Director at STBB Attorneys. “However, what isn’t as commonly known in customary marriage, is that once lobola negotiations are concluded, couples are married in community of property, meaning that assets like a home or car and liabilities like debt are equally shared,” Sathekge emphasised.
Khumalo adds that for lobola to be binding, it does not need to be paid in full for the nuptials to meet the requirements of the customary law “For those separated couples who are still not sure whether they concluded a customary marriage, it would be prudent to approach the High Court for some legal certainty. Failure to do so will legally affect subsequent marriages with different partners or a partner having a claim to the other partner’s assets,” said Khumalo.With that in mind, it is important for couples who partake in customs and lobola negotiations to understand the legal and financial implications of the process.
“In the case of a marriage in community of property, both parties are required to apply jointly for the home loan, regardless of whether they’re a first-time or second-time homebuyer, and the home will be registered in both parties’ names,” he noted. Even in the home loan pre-approval process, Lomberg said that both parties will need to have their credit scores and affordability assessed to determine whether they qualify for a joint home loan, and what they can realistically afford.Without an ANC in place, couples who have gone through the lobola process in terms of their customs, effectively enter into a marriage in community of property.
Community Gavin Lomberg Sathekge Lobola Hopewell Sathekge South Africans South Africa Recognition Of Customary Marriages Act Stbb Attorneys Ooba Home Loans Iol Business Negotiations Community Gavin Lomberg South Africans Customary Law Act Sathekge Recognition Of Customary Marriages Act Lobola Hopewell Sathekge Ooba Home Loans South Africa Jabulani Tsambo Stbb Attorneys Ancs Iol Business Anc Community Negotiations South Africans Gavin Lomberg Lobola Sathekge Act Anc Customary Law Ooba Home Loans Hopewell Sathekge Jabulani Tsambo Ancs Stbb Attorneys Iol Business
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