Family law: Topic 6/ chapter 8; Marital Property
Summarized notes
Definition; matrimonial property refers to property owned by individuals who
are married.
Rules mentioned also apply to civil partnerships and refers to people
married in terms of the civil law
The three main matrimonial property systems:
1. In community of property = means that spouses share everything,
owning all assets and liabilities jointly, includes everything owned at
the time of the marriage and everything acquired during marriage.
Default: with accrual system, unless stipulated without accrual in ANC.
2. Out of community of property [with accrual] =during the marriage,
each spouse owns their property separately, however at the end of the
marriage any growth or increase in their property during marriage is
shared, [specifically just the growth accumulated, if by the end of the
marriage there is debt, the amount is adjusted to zero as the net
accrual]
3. Out of community of property [without the accrual] = spouses keep
their property and finances separate, each spouse is the sole owner of
their property and money, with no sharing of profits and losses. [in the
event of a divorce you indicate their separate estates to attain marks]
The default matrimonial property system in South Africa is the in community
of property system, meaning that couples are automatically married in
community of property unless:
they sign an ANC (antenuptial contract) that indicates that they don't
want to.
The husband is domiciled(resided) in another country where the
default matrimonial system is out of community of property.
Implications of in community of property
Ownership; all the pre-marriage assets automatically become part of
the joint estate. Couples are the co-owners of the entire estate with
undivided half-shares, e.g. a purse the wife bought is not just hers, the
husband has an indivisible half share of the purse.
Summarized notes
Definition; matrimonial property refers to property owned by individuals who
are married.
Rules mentioned also apply to civil partnerships and refers to people
married in terms of the civil law
The three main matrimonial property systems:
1. In community of property = means that spouses share everything,
owning all assets and liabilities jointly, includes everything owned at
the time of the marriage and everything acquired during marriage.
Default: with accrual system, unless stipulated without accrual in ANC.
2. Out of community of property [with accrual] =during the marriage,
each spouse owns their property separately, however at the end of the
marriage any growth or increase in their property during marriage is
shared, [specifically just the growth accumulated, if by the end of the
marriage there is debt, the amount is adjusted to zero as the net
accrual]
3. Out of community of property [without the accrual] = spouses keep
their property and finances separate, each spouse is the sole owner of
their property and money, with no sharing of profits and losses. [in the
event of a divorce you indicate their separate estates to attain marks]
The default matrimonial property system in South Africa is the in community
of property system, meaning that couples are automatically married in
community of property unless:
they sign an ANC (antenuptial contract) that indicates that they don't
want to.
The husband is domiciled(resided) in another country where the
default matrimonial system is out of community of property.
Implications of in community of property
Ownership; all the pre-marriage assets automatically become part of
the joint estate. Couples are the co-owners of the entire estate with
undivided half-shares, e.g. a purse the wife bought is not just hers, the
husband has an indivisible half share of the purse.
