An Antenuptial Contract (ANC) is an agreement entered into by the intended spouses prior to entering into the marriage with the intention of concluding a marriage out of community of property.
This has the effect that each spouse retains ownership of his/her assets in their separate estates, instead of having one joint estate. If no ANC is entered into, the parties will automatically be married in community of property.
It is extremely important to obtain sound legal advice before entering into a marriage as the decision to conclude an ANC or not will have consequences both during the subsistence of the marriage, or at its dissolution by death or divorce.
Prospective spouses have one of two types of Antenuptial Contracts to consider:
1. an ANC that excludes community of property, community of profit and loss, with the EXCLUSION of the Accrual System.
2. an ANC that excludes community of property, community of profit and loss, with the INCLUSION of the Accrual System.
Neither of these 2 contracts takes preference over the other and the type of contract is chosen by the intended spouses depending on their specific needs and the dynamics of their relationship. Cawood Attorneys will tailor your ANC to your specific requirements and ensure that the contract is duly registered at the Deeds Office.