joint estate
It is important to keep in mind that there is no such thing in our law as a ‘common law spouse’, and no legal status is conferred on couples who choose to live together without getting married.
As a married couple, you will want to ensure that you are both adequately provided for in the event of death or disability, so take time beforehand to put the appropriate level of cover in place. If you or your
During the divorce process, remember that both you and your spouse retain full contractual freedom when determining a settlement. You can choose to strictly adhere to your matrimonial property regime for asset division or opt for a negotiated settlement tailored
When it comes to divorce, the process in a community of property marriage is relatively simple as it involves the joint estate being equally divided between the two spouses. The only exception to this is where one spouse brings an
The accrual is effectively the net increase in the value of each spouse’s estate since the commencement of the marriage, meaning that the spouses share equally in the increase in value of both of their estates while the marriage existed.
The death of the first-dying spouse is regarded as a disposal for capital gains tax purposes. Where the first-dying spouse bequeaths his/her share of the joint estate to the surviving spouse, the surviving spouse is treated as having obtained the
To ensure that your creditors are notified of your intention to amend your marriage contract, you will be required to publish a notice to creditors in two local newspapers (one English and one Afrikaans) as well as in a government
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.
If the primary residence is owned by the first-dying spouse, the surviving spouse may find herself without accommodation if the deceased bequeaths the property to a third party. Joint financial planning is very difficult where a couple is married without
If you have a large portion of your accumulated wealth invested in your business, then it is important to consider what will happen to your business interests in the event of your death. It is likely that you intend for
