Why Do You Need A Marriage Contract

A marriage contract protects you against the debts of your spouse.
Ownership of matrimonial property can be structured in a way which prevents the matrimonial assets being attached by creditors.

WHAT IS THE ACCRUAL SYSTEM?

The accrual system allows you to protect what wealth you bring into the marriage but provides for the sharing of the capital growth of the marriage.
It protects the spouse who makes a career sacrifice.
It protects the spouse who puts assets in the name of the other spouse for the purposes of protecting such assets against creditors.

WHAT DO I DO TO ENTER INTO A MARRIAGE CONTRACT?

You should contact an attorney BEFORE you get married.
Contracts signed after you have already married require an application to the High Court and the approval of your creditors and can be extremely expensive.

WHAT HAPPENS IF I DO NOT ENTER INTO A MARRIAGE CONTRACT?

If you do not enter into a contract you will be married in community of property.
All pre-marriage assets will be shared and at the risk of matrimonial assets being attached by creditors for a spouse's debt.

HOW DO I VALUE MY ESTATE FOR THE PURPOSES OF THE ACCRUAL?

You need to establish the net value of :
a) immovable assets (property)
b) movable assets (motor-vehicles, household effects etc)
c) investments (cash, shares, surrender value of policies etc.)

ARE THERE ANY OTHER LEGAL ISSUES TO BE CONSIDERED?

You and your spouse should draft a will.
You may need to change beneficiaries on insurance policies.