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What is a Prenuptial Agreement?
In South Africa, Prenuptial Agreements better known as “Prenups” are called Antenuptial Agreements. This is an agreement entered into by a couple before they get married which aims at protecting their individual interests.
What are my Options?
You can choose between
An Antenuptial Agreement without Accrual
In the event of your death or a divorce, your spouse is only entitled to what he or she has accumulated over the course of the marriage. If your spouse is declared insolvent, you will be protected from any creditors. Lastly, if you fail to support yourself financially, your partner will be legally obliged to support you.
An Antenuptial Agreement with Accrual
Before you enter into marriage, you and your spouse will list down all the assets you want to be excluded from the accrual. Whatever is then accumulated during the period of the marriage by both spouses is divided equally. Each partner is financially independent.
What Happens if I do not get a Prenuptial Agreement?
In South Africa, if you do not have a prenuptial agreement, you are automatically married in community of property, meaning that everything is shared 50/50. If you fail to acquire a prenup before you enter the marriage, you may enter a post nuptial contract after you are married.
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