When two people decide to tie the knot, it`s easy to get lost in all the romantic aspects of planning a wedding. However, it`s important to take some time to consider the legal implications of marriage, particularly in a country like South Africa where marital laws can be quite complex. One of the ways to protect oneself financially in case of a divorce is through a prenuptial agreement.
A prenuptial agreement is a contract between two people who are planning to get married. It outlines how assets and debts will be divided in the event of a divorce. Although prenups are often associated with the wealthy, they can be beneficial for people of all income levels. Here are some important things to consider when drawing up a prenuptial agreement in South Africa.
In South Africa, prenuptial agreements are governed by the Matrimonial Property Act of 1984. This law states that any agreement between spouses must be in writing and signed by both parties. It should also be witnessed by two people who are not affected by the agreement. It`s important to note that a prenuptial agreement can only be drawn up before the wedding – once the couple is married, they can`t enter into this type of agreement.
What Can Be Included in a Prenup?
A prenuptial agreement can cover a wide range of issues, including the following:
– How assets and debts will be divided in the event of a divorce: A prenup can specify which assets are owned jointly and which are owned individually. It can also outline how debts will be divided.
– Ownership of businesses and other assets: If one or both spouses own a business or other significant assets, a prenup can outline how those assets will be handled in the event of a divorce.
– Spousal support: A prenup can specify whether one spouse will receive spousal support (also called maintenance) in the event of a divorce, and how much that support will be.
– Inheritance: If one or both spouses expect to inherit assets in the future, a prenup can specify how those assets will be divided in the event of a divorce.
It`s important to note that a prenuptial agreement is not always enforceable in a court of law. The court will consider a number of factors when deciding whether to enforce a prenup, including whether both parties understood the terms of the agreement, whether it was entered into voluntarily, and whether it is fair and reasonable under the circumstances. If the court finds that the prenup is unfair or was entered into under duress, it may not be enforceable.
Drawing up a prenuptial agreement in South Africa can be a wise move for any couple. It`s important to consult with a lawyer who is experienced in family law and familiar with the requirements of the Matrimonial Property Act. A prenup can give both parties peace of mind about their financial future and ensure that they are protected in the event of a divorce.