What is marriage IN community of property?
31 August 2016

– Summary

A marriage IN Community of Property is the default marriage system that is applied (i.e. when you get married without an ante-nuptial contact)

When no marriage contract (or ante-nuptial contact) is signed before you get married, your marriage will automatically be IN community of property.

Overview

  • Both parties share equally in each other’s assets and liabilities from before and during the marriage.
  • Consent from both parties is required in varying degrees for most transactions.
  • Important transactions like transfers of houses and cars, credit agreements and suretyships require written consent.
  • Less important transactions like selling furniture require informal consent and agreement between the spouses.

Conclusion

While this form of marriage certainly promotes fairness between the parties, it comes with major disadvantages particularly with regard to liabilities/debt.

As liability/debt is shared in this form of marriage, all your spouse’s debts are also your debts; you can be sued with (or instead of) your spouse and if your spouse goes insolvent, so do you.

To get married OUT of community of property you need to sign an ante-nuptial contract (“ANC”) BEFORE you are married, click here to read more.

We recommend that you strongly consider signing an ante-nuptial contract if you are getting married.

Get a Shareholders Agreement now

Use iLawyer.co.za to make a Shareholders Agreement document today.  iLawyer.co.za is an online automatic Legal Document builder that allows you to make quality legal documents in minutes at low prices.

If you have a company or if you are starting a company you should have a Shareholders Agreement.

DISCLAIMER: THERE ARE MORE CONSIDERATIONS THAN WE CAN COVER IN THIS ARTICLE SO ONLY USE THIS INFORMATION AS A GUIDE.   THIS INFORMATION DOES NOT CONSTITUTE LEGAL ADVICE.  IT IS ALWAYS BEST TO DISCUSS YOUR SITUATION WITH AN ATTORNEY; CONTACT US AT 0861 88 88 35helpdesk@gcm-legal.com AND THROUGH THE CONTACT FORM ON THIS PAGE.

Related News Articles

Get In Touch

9 + 9 =

Pin It on Pinterest

Share This