Breaking local news in Boksburg
It’s a sobering thought, especially if you’ve recently married.
Any properties you owned before marriage or acquired afterwards belong equally to you and your spouse. They can also be attached to pay off your spouse’s debt, and you can’t sell them or buy more without your partner’s consent. “It’s impractical to have the parties bound at the waist as neither can act commercially without the other’s consent. In addition, it’s poor risk management because all the assets are exposed to either party’s actions.”Historically, the growth of antenuptial contracts threatened to leave financially inactive spouses with nothing at divorce. Therefore, by default, South African law imposes an accrual system on marriages out of community of property.
You can also buy and sell property without their consent, and engage in commercial activity unfettered by the bonds of matrimony. Just remember that maintenance claims are potentially open to all spouses on the dissolution of the marriage, even if the parties chose the cold exclusion. However, at divorce or death, a person can claim half of the difference between their estate and their spouse’s higher-valued estate. In effect, it’s “in community of property” at the end without all the restrictions during the marriage
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