Antenuptial Contract without Accrual: Understanding the Basics
An antenuptial contract (ANC) is a legal document that is signed by two people before they get married. The purpose of this contract is to regulate the legal relationship between them in the event of a divorce or death.
An antenuptial contract without accrual is a type of ANC that is commonly used in South Africa. It is a contract that is signed by two people who do not want to share their assets with each other in the event of a divorce or death.
What is accrual?
In the context of an antenuptial contract, accrual refers to the increase in the value of each spouse`s estate during the marriage. This could include things like property, investments, and other assets. When a couple gets divorced or when one spouse dies, the accrual is calculated and the parties are entitled to a share of the accrued estate.
What is an antenuptial contract without accrual?
An antenuptial contract without accrual is a contract in which each spouse retains the assets that they brought into the marriage and any assets that they acquire during the marriage. There is no sharing of assets in the event of a divorce or death. This means that each spouse is solely responsible for their own debts and assets.
Advantages and disadvantages of an antenuptial contract without accrual
One advantage of an antenuptial contract without accrual is that it gives each spouse control over their own assets. This can be particularly important if one spouse has more assets than the other or if there are concerns about debt. Additionally, an antenuptial contract without accrual can simplify the divorce process, as there is no need to calculate the accrual.
However, there are also disadvantages to this type of contract. One potential disadvantage is that it may not be fair to one spouse, particularly if one partner gave up a career or income to support the other partner. Additionally, it can be difficult to predict future financial circumstances, and an antenuptial contract without accrual can limit the ability of each spouse to benefit from the other`s assets.
How to create an antenuptial contract without accrual
Creating an antenuptial contract without accrual involves hiring an attorney who specializes in family law. The attorney will work with the couple to draft a contract that outlines each spouse`s assets and responsibilities in the event of a divorce or death. Both parties must sign the contract before they get married, and the contract must be registered with the Deeds Office within three months of the marriage.
In conclusion, an antenuptial contract without accrual is a legal contract that can be used to protect each spouse`s assets in the event of a divorce or death. While it has advantages and disadvantages, it can be a useful tool for couples who want to maintain control over their own assets. If you are considering getting married, it is important to speak with a family law attorney to determine if an antenuptial contract without accrual is right for you.