It looks like people have just found joy in making assumptions, spreading rumors and never confirming the authenticity of what they spread. Recently on a local newspaper, The Voice, it was published that a self-acclaimed artist and his wife were splitting their properties. It is so sad that some people decided to blow the horn and speak bad of his wife, Kagiso Sento. Well… at least now she knows who is against her.
This is a clear indication that our society either lack knowledge on marriage contracts or they are just ignorant. So i just decided to consult my lawyer connects and married couples who happened to have a better understanding on the subject matter. We will establish the two concepts; marrying in community of property and marrying out of community of property and lastly sincere positive opinion about their case study.
WHY WOULD A COUPLE DECIDE TO SPLIT PROPERTY –
Apart from the selfish reasons that many people have been presenting, it is important to note that a healthy couple may decide to split properties or changing to “out of community of property” due to different reasons. Some may be from the following;
- When the couple foresees a financial risk therefore using this approach to at least save a portion for in case the “financially challenged” partner get approached by creditors, then they will be left with some which will be on the other spouse’s name.
- If the the other spouse decides to take a risk in investments and do not want his asserts to be affected, he or she will use his spouse to secure them.
MARRYING IN COMMUNITY OF PROPERTY
Marrying in community of property is the most cheapest and popular way of matrimonial regimes. Marriage couples may not need to sign any contract or declare any of their assets. Whatever that belongs to the wife automatically belongs to the husband. They share both assets and liabilities.
All assets belonging to the spouses prior to getting married and all assets that they may accumulate during their marriage will fall into the joint or communal estate. There are a few exceptions, where certain assets may not be included in the joint estate. For example, if a will stipulates that an inheritance should not form part of the joint estate, then that inheritance cannot become part of the joint estate.
Each has an undivided or indivisible half share of the joint or communal estate.
- The couple do not have to enter any special contract before getting married.
- When the wife is facing some financial challenges they get the share in the asserts of husband, vice versa. They can literally use their asserts to cover up.
- Wen you are the financially stronger party, you still have to share your asserts with your spouse. Imagine having an impulsive spouse, you will have to cover up for their debts.
- You need you spouse to attest or sign in every “financial decision “you make.
- When a marriage starts to fail, it can become difficult to obtain joint consent.
MARRYING OUT OF COMMUNITY OF PROPERTY
By marrying out of community of property, the spouses choose to keep their estates separate and whatever assets and liabilities they individually had before the date of marriage will remain part of their separate estates. The spouses can, however, agree to include the accrual between them so that both spouses will share equally in the growth during the marriage of each other’s separate estates.
- Each spouse keeps his/her own assets and is free to deal with his/her own estate as he/she likes.
- Spouses are generally not liable for each other’s debts. Thus, if one spouse becomes insolvent, creditors cannot touch the assets of the other spouse.
- The financially stronger spouse does not have to share his/her estate with the weaker spouse. This is subject to judicial discretion and forfeiture of benefits.
The economically weaker spouse, traditionally the woman, does not get to share in the estate of the stronger spouse, even though she may have indirectly contributed to the estate by running the household and looking after the children. This is subject to judicial discretion and forfeiture of benefits.
Read more at: https://www.divorcelaws.co.za/Note that i am not a professional financial advisor or a lawyer, just someone who likes to think and reason things out. Let me know your opinion on partners who may choose to split their asserts. Also check my other articles: http://www.masegobw.com/