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Often, one of the most contentious aspects of a divorce is the division of assets between partners. In South Africa, asset division is governed by specific laws to ensure fairness and protect the rights of both parties. To better understand how individuals’ belongings are divided after divorce, we’ll explore some key factors that have an influence on asset division.

 

Marital Regimes

In South Africa, the type of marital regime that a couple chooses at the time of their marriage greatly influences the division of assets if the couple were to divorce. There are three common types of marital regimes:

a. In-community of Property: This regime entails joint ownership of all assets and liabilities acquired before and during the marriage. Upon divorce, the assets are typically divided equally between the spouses, unless a court decides otherwise.

b. Out-of-community of Property (with Accrual): In this regime, each spouse maintains separate ownership of their own assets and liabilities acquired before the marriage. However, the growth of the assets during the marriage is shared equally, unless there are specific exclusions or prenuptial agreements in place.

c. Out-of-community of Property (without Accrual): Here, each spouse retains separate ownership of their assets, acquired both before and during the marriage. The assets are not subject to division unless a court determines otherwise.

 

Matrimonial Property Act

The Matrimonial Property Act of 1984 serves as the primary legislation guiding asset division in South Africa. It provides a framework for the division of assets, taking into account the specific marital regime and various other factors.

 

Getting Expert Advice About Asset Division

Divorce can be a complex legal process, and having the guidance of a legal professional can go a long way. An experienced attorney will be able to provide you with valuable advice tailored to your specific circumstances. They can help you gather and submit the necessary documentation, negotiate on your behalf and represent your interests in court if needed. Their expertise will ensure that you are aware of your rights and obligations, and provide you with some much-needed peace of mind.

Contact Cawood Attorneys today to book a consultation with one of our qualified attorneys if you are in need of legal assistance. We will be with you every step of the way to help you navigate through the many difficulties that come with divorce.

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