What Does An In Community Of Property Marriage Mean?
- If no marriage contract is concluded, the parties will automatically be married in community of property.
- Both parties’ estates as on the date of marriage will be joined and everything acquired during their marriage will be shared. While the marriage is in force, each party will own half of the joint estate.
- Both parties are liable for each other debts. In case of insolvency, both parties will lose their assets, irrespective of who incurred the debt.
- Upon the dissolution of the marriage, the estate will be divided equally.
|Miss X estate before marriage:||Mr X estate before marriage:|
|Car: R200 000||House: R600 000|
|– Bond value of R150 000||– Bond value of R400 000|
|=R50 000||=R200 000|
|After date of marriage:|
|Joint Estate||Mr and Mrs X:
Assets: House and car = R800 000
Liabilities: Bonds = R550 000
What is best for you? Getting married in community of property might not be the best option for you. Find out more about our marriage contracts.