Or the Ins and Outs of getting
married.
Getting
married is such an exciting time that we sometimes forget to consider the
practical and legal aspects. Choosing to
get married in or out of community of property has a huge effect on your assets
and your ability to enter into contracts, and it is very important to make the
right decision for yourself, as it cannot be easily changed.
When you get married in community of property you and your spouse merge your existing assets and you have a joint estate consisting of all the assets owned by both of you. Throughout the marriage, any further assets that either of you acquire will become part of the joint estate.
When
you marry out of community of property, your assets remain separate.
HOW DOES MARRIAGE
AFFECT MY ASSETS AND MY WILL?
When
it comes to drawing up your Will http://www.proactivewillsandestates.co.za/wills-estates/,
when you are married in community of property you can only dispose of your half
share of the joint estate to your beneficiaries. The other half automatically belongs to your
spouse and they will have a claim against your estate for that half share.
When you are married out of community, as you each own your own assets, you are entitled to dispose of all your assets in your Will and there will be no claim against your estate by your spouse (unless your Antenuptial Contract includes the accrual system).
WHY IS IT IMPORTANT
TO GET PROFESSIONAL ADVICE BEFORE GETTING MARRIED AND WHEN DRAWING UP YOUR
WILL?
Nowadays
there are all kinds of complications that can arise on marriage, especially
with second marriages and where children become part of the family, but are not
joint children of the partners, but belong to only one of the partners. It is important to have a serious discussion to
consider the rights of all the children (his, hers and ours) and the rights of
your spouse. It is helpful to sit down
with an independent professional who can talk you through the different
alternatives and guide you in making the right choice for your family.
We
would be happy to assist you. To set up
an appointment, contact us at:
W. 021-5511741
Cell
07321272644
Email: legacy@proactivewillsandestates.co.za
