Are you planning on getting married in South Africa? If so, it’s important to know about antenuptial contracts and the registration process.
An antenuptial contract is a legal agreement that is signed by both parties before getting married. It outlines how assets and debts will be divided in the event of a divorce or death. Antenuptial contracts give couples the freedom to customize their financial arrangements and protect their assets. There are two types of antenuptial contracts in South Africa – with accrual and without accrual.
If you opt for an antenuptial contract with accrual, it means that all assets acquired during the marriage are shared equally between the spouses. If the marriage ends in divorce, the assets are divided equally. On the other hand, if you choose an antenuptial contract without accrual, all assets acquired before or during the marriage remain with the respective spouse.
To register your antenuptial contract in South Africa, you need to follow a few steps. Firstly, the contract must be drawn up and signed by both parties in the presence of a notary public. The notary public will then keep the original contract and issue each spouse with a copy. The original contract will be kept in storage as a legal document.
Once the contract has been signed, it needs to be registered at the Deeds Office within 3 months of the wedding day. Failure to register the contract within this time may result in it being considered invalid. When registering the contract, you will need to provide the original notarized document, copies of your ID documents, and the prescribed registration fee.
It’s important to note that the registration process must be completed by both parties. If you are unable to attend the registration in person, you can authorize someone to act on your behalf. This person must provide a power of attorney document, allowing them to sign on your behalf.
In conclusion, if you are planning on getting married in South Africa, it’s essential to understand the importance of antenuptial contracts and the registration process. By taking the time to draw up and register an antenuptial contract, you can protect your assets and customize your financial arrangements. Ensure that you follow the correct procedures and complete the registration process within the required timeframe to avoid any legal issues in the future.