Marriage, in its most basic legal sense, is Marriage In Community Of Property. Anyone who gets married without an Ante Nuptial Contract (ANC) is automatically married In Community Of Property.
From the day of entering into an In Community Of Property marriage the estates of both parties are merged into one estate with an applicable 50/50 split of all assets and liabilities thereafter.
This also means that any legal agreement, from bond applications to cell phone contracts, need to be signed by both parties. This also means that any potential legal disasters, such as insolvency or debt, are liable to both parties.
This is why a marriage contract is vitally important. A marriage contract is designed to protect the legal interests of both partners and is the basis on which to start building a solid financial future. Getting married with a contract means that you are married Out Of Community of Property.
- The financial impact of marriage and divorce
- Antenuptial contracts, pre-nuptial contracts, and prenups
- Protect your intellectual property with a prenup
- What is an antenuptial contract (ANC)?
- Postnuptial contract – no ANC?