Understanding Prenups in South Africa
A prenuptial agreement, more commonly known as a ‘prenup’, is a written contract entered into between two people prior to them entering marriage. This document outlines the rights and obligations of each partner in case of death or divorce. A prenup can be used to protect assets that either spouse may have coming into the marriage, such as inherited property, businesses and investments. It can also be used to set out how assets will be distributed if the couple separates or divorces. In South Africa there are specific laws regarding prenups which govern its validity.
Why Should I Consider Getting A Prenuptial Agreement?
Having a properly drafted prenup can save you from unnecessary stress during what could otherwise become an emotionally charged situation should your relationship break down. The process of getting a prenuptial agreement has been designed so that it’s easy for couples to understand their respective rights and responsibilities before they enter into matrimony – this means that both parties are aware of what is expected from them ahead of time. Additionally, having a legally binding document in place helps avoid costly litigation by setting out expectations about how any disputes arising from separation or divorce will be resolved without resorting to court action.
What Should I Ask For In My Prenup?
When considering signing a prenup with your future spouse it’s important to consider all potential scenarios which might arise during the course of your marriage – even those you don’t want to think about! Here are some things you should ask for when negotiating terms:
• Financial Support: If one party earns significantly more than another then it is common practice for financial support payments (maintenance) after separation/divorce;
• Property Division: How would any jointly owned property be divided upon dissolution of marriage;
• Inheritances & Gifts: Agree on whether gifts and inheritances received by either party during the course of the marriage remain separate property; • Legal Fees: Will one party pay towards any legal fees incurred by either side during negotiations?
• Retirement Funds & Social Security Benefits: Who will receive retirement funds or social security benefits accumulated throughout the duration of the union?
Are There Any Limitations To What Can Be Included In A Pre Nuptial Agreement?
Yes – there are certain matters which cannot form part of any validly executed post-marital arrangements including child custody arrangements (unless agreed upon by both parents), provisions relating to criminal offences committed by either spouse etc… Additionally no provision within these agreements shall contravene public policy i.e., provisions limiting alimony awards must not conflict with local legislation governing maintenance orders etc… Generally speaking anything outside these parameters could potentially render an entire pre nuptial agreement voidable at law!
Conclusion
Prenuptials agreements provide protection against unforeseen circumstances such as death or divorce however it’s essential that they are drawn up correctly and carefully considered before being signed off on – otherwise they may not stand up in court! Asking for appropriate clauses when negotiating terms ensures that both parties know exactly where they stand should something unexpected occur later down line
