THE IMPORTANCE OF THE ANTENUPTIAL CONTRACT
THE IMPORTANCE ON THE ANTENUPTIAL CONTRACT (ANC)
In South Africa the law provides that should you not conclude an Antenuptial contract (ANC) prior to your marriage you will automatically be deemed to be married in community of property. It is important that the ANC is concluded prior to the marriage being entered into as a change to the matrimonial position after the marriage has been entered into can become costly.
Luckily for those of you who are procrastinators the ANC can be entered into on the day of your wedding provided it is entered into prior to the wedding ceremony.
Initially the majority of laypeople I have spoken to believe the main reason for entering the ANC is to protect assets upon divorce. Although this is correct the most important facet of the ANC is the protection it can afford you and your future spouse’s assets from creditors should either party experience financial difficulty.
Important information to keep in mind is that an ANC is a public document so should you not wish for the public to be able to view or access your ANC which would contain all of your assets and net worth I would suggest opting for a Section 6(1) statement.
- An ANC must be concluded when you are unmarried;
- The ANC is a public document;
- You are able to conclude an ANC on the day of your wedding.
The Travelling Notary
Michelle Van Heerden