The #MoneyMakeover com­pe­ti­tion is be­ing run by City Press in part­ner­ship with fi­nan­cial ser­vices com­pany Mo­men­tum. Over a year, six can­di­dates are striv­ing to save money and reach their fi­nan­cial goals. Each has been part­nered with his or her own fi­nan­cia

CityPress - - T# -

Since Dipolelo has plans of start­ing his own busi­ness in the near fu­ture, it is rec­om­mended that the cou­ple mar­ries out of com­mu­nity of prop­erty with ac­crual. He wouldn’t want his busi­ness life to af­fect his fam­ily life. He also doesn’t want his wife’s po­ten­tial debts to af­fect him and his cred­it­wor­thi­ness. As a cou­ple, they have en­tered into this dis­cus­sion and agreed this is the route to follow. When they are done with all the wed­ding cel­e­bra­tions, they will see a lawyer to sign a con­tract be­fore regis­tra­tion of their mar­riage with home af­fairs.

Mar­riage in com­mu­nity of prop­erty is the de­fault mar­i­tal regime. All as­sets of the spouses are joined into one com­mu­nity es­tate. Writ­ten con­sent of both spouses is re­quired for cer­tain im­por­tant trans­ac­tions like fixed prop­erty and credit agree­ments. In­sol­vency (or bad debt) of the one spouse af­fects the com­mu­nal prop­erty. A cus­tom­ary mar­riage, if it is a first mar­riage, is re­garded as be­ing in com­mu­nity of prop­erty.

Mar­riage out of com­mu­nity of prop­erty with­out ac­crual means that each spouse has their sep­a­rate es­tate.

Mar­riage out of com­mu­nity of prop­erty with ac­crual means that the wealth ac­crued/ac­quired dur­ing the mar­riage is shared equally at death or di­vorce. Each spouse has the right to deal with their own prop­erty dur­ing the mar­riage. It of­fers pro­tec­tion against in­sol­vency dur­ing the mar­riage as each party re­tains con­trol of their as­sets dur­ing the mar­riage. A dis­ad­van­tage is that spouses do not share each other’s cred­it­wor­thi­ness.

To be mar­ried out of com­mu­nity of prop­erty with or with­out ac­crual, you need to sign an an­tenup­tial con­tract be­fore get­ting mar­ried.

THE BIG DAY You don’t need to go into debt for your wed­ding if you plan prop­erly. Inset: Mo­men­tum ad­viser Mashiase Okeke

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.