We wish to introduce our firm as your One-Stop Legal Aid. The Big Question to ask… Should we marry IN COMMUNITY of property or OUT OF COMMUNITY of property?
IN COMMUNITY OF PROPERTY:-
1. Do not require any Legal Contract
2. Both parties are jointly and severally responsible for all debt
3. Both parties own 50% of the other party’s assets
4. Require both signatures on any transaction
OUT OF COMMUNITY OF PROPERTY:-
There are various reasons why couples should enter into an Antenuptial Contract prior to their marriage. The 7 most common reasons are:
• An Antenuptial Contract can be drawn up to give you the same advantages of being married in community of property, without the disadvantage of being held liable for your spouse’s debt.
• The one party does not want to be held liable for any debt that the other party might have incurred prior to the marriage;
• The one party does not want to be held liable for any debt that the other party may incur during the marriage. Each party will be responsible for his or her own debt;
• There might be certain assets at the time of the marriage that, for sentimental or financial reasons, one of the parties does not want to become part of a joint estate;
• One party wants to be able to enter into transactions with regards to his or her own assets, without having to obtain the consent of the other party each time. With an Antenuptial Contract, each party will retain control of his or her own property and will build up his or her own estate during the marriage;
• They do not want to risk all their combined assets if one of them undertakes a business venture. They want to protect assets such as a house from creditors, particularly if one of the parties has his or her own business or income that varies, whilst the other party earns a stable income;
• Each party wants to retain his or her individual financial identity independently from that of the other party.