insolvency
In a community of property marriage, all debt incurred by the spouses before and during the marriage forms part of the common estate, including maintenance obligations to a previous spouse or children from a previous relationship.
While the concept of a community of property marriage may appear equitable on the face of it, this type of marital regime involves the joining of all debt, including debt that was incurred by each spouse before the marriage as
Talking to family, friends and colleagues about your personal finances should really only be done with your partner’s consent. Finances are highly personal, and it is only understandable that a partner would feel aggrieved if the other partner discusses your
Because each spouse is able to bind the joint estate through their actions, our law affords some protection by requiring spousal consent for certain transactions. For instance, your spouse’s consent would be needed if you want to sell a joint
Assets that you had intended to bequeath to your loved ones may need to be sold in order to pay off the debt in your estate which, besides for leaving your heirs in a financially precarious position, could have tax
Crafting a sold financial plan involves undertaking careful scenario planning and then putting mechanisms in place to protect yourself from possible detours. Life’s ‘detours’ include events such as retrenchment or job loss, divorce, terminal illness, significant loss or damage to
One of the greatest disadvantages of marrying in community of property is that the couple remains jointly liable for each other’s debt, including debt that was incurred before the marriage.
The matrimonial property regime that you choose at the outset of your marriage has far-reaching implications in respect of your assets, debt, insolvency, divorce and death.
