FNB

CityPress - - Careers -

“Be­fore your big day, you and your part­ner will need to sit down with a lawyer and draw up an an­tenup­tial con­tract, or ANC.

“There are three types of an­tenup­tial con­tracts you can en­ter into, but es­sen­tially all will give you the in­de­pen­dence to make your own fi­nan­cial trans­ac­tions with­out your part­ner’s ap­proval or sig­na­ture.

“Although many cou­ples feel draw­ing up an an­tenup­tial con­tract is pre­par­ing for di­vorce, it’s not. That con­tract will also pro­tect you and your as­sets if your part­ner dies.

“Hav­ing an an­tenup­tial con­tract in place en­sures that you and your part­ner are seen as sep­a­rate le­gal en­ti­ties, which means you are pro­tected from your part­ner’s cred­i­tors.

“If Mat­lou had had this con­tract, she would have been able to buy a prop­erty even though her hus­band is un­der debt re­view.”

Sub­bra­money says it’s im­por­tant that both part­ners con­sult the lawyer who’s draw­ing up the con­tract – be­cause both par­ties need to be fully aware of the con­se­quences.

“It’s also im­por­tant to see some­one who’s neu­tral, and who can me­di­ate what goes into your con­tract be­cause emo­tions can cloud your judg­ment, and it can be a stress­ful ne­go­ti­a­tion if one party has a lot of as­sets and the other doesn’t.

“If you didn’t draw up a con­tract, and re­alise you should have, you can con­vert from com­mu­nity of prop­erty to an an­tenup­tial con­tract af­ter mar­riage. It’s more ex­pen­sive, and you have to ad­ver­tise so your cred­i­tors can ob­ject, but it’s pos­si­ble, and a good lawyer can guide you through the process.”

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