The Pre-nuptial Agreement
This is a written contract between two people who are about to marry. The contract sets out the respective rights and obligations of each spouse relating to assets that they presently own and will acquire after they get married, and also what should happen to those assets on dissolution of the marriage through death or divorce.
The Importance of a Pre-nuptial Agreement
If parties do not enter into a pre-nuptial agreement, South African law dictates that they are then automatically married in community of property by default. That means that if one of party gets into financial difficulties, his or her creditors can sue the couple’s joint estate. In this way both of them are jointly responsible for the debts of each other. This can prove to be highly problematic.
To avoid joint responsibility, it is advisable to enter into a pre-nuptial agreement. The benefits of doing so include:
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