ANC with and without accrual
we planning on getting married Out of Community with Accrual (not sure if this the correct wording) basically what he had before is his and what we have together is ours.
But i worried about marrying a man who has a currently dormant business. i do not want to loose our house should the company become insolvent or owe monies. im not sure how the business is registered. another thing is he has a house. i would like to know what happens if his house is later sold and proceeds used towards the new house which we will own together. Does this mean the monies used from the sale of his house form part of his share, if we dont get married COP.
E.G his house was sold at R1000.00
value of new house is R2000.00
He owns R1000.00 from his old house plus R500.00 from the new house
I own R500.00
I am also not sure if this is the only option we have. But i do not want to take on debt that he already had that may affect me and the kids in future.
Hello. Apologies for late response. In your case a much simpler matrimonial property regime will be to marry out of community of property. Which means you should document all your assets and liabilities before, during and after the marriage. You keep your assets and liabilities separate so that if you happen to divorce you clearly know what you will walk away with. If you want to have an antenuptial contract ( ANC ) with accrual then the contract should clearly spell out your agreement on the scenario you have presented. You should agree on what will happen on dissolution of the marriage if he sells his house and invests it in the new house. Likewise you should agree on what will happen with his business and all other concerns in the ANC. You will need a good family lawyer in your area to assist you to draw up one.