{Good Advice} To prenup or not to prenup is the question
Surely every couple that gets married, does so with the hope that it will be forever. However, some marriages always end in divorce.
Therefore, it becomes paramount that when two people get married they know exactly what options they have, relating to the property regime that will govern the marriage, i.e. whether you get married with or without an Antenuptial Contract. Below we explain the options you have and what they entail.
In Community of property (COP)
The law regards you and your partner as one person, with joint liabilities and assets. Opting for this option means you share the risk of insolvency with your spouse, but you may benefit equally from any unexpected windfalls in fortune.
Out of community of property (with an antenuptial contract or ANC)
In this regime the law regards you as two individuals, each with their own estate of assets and liabilities. Spouses do not share in each other’s profits and losses. If the other is declared insolvent there other will not be affected.
With accrual or without accrual
If you go with the antenuptial contract (ANC), you have a choice of accrual or without accrual. Here’s what this seemingly complicated term means: is a mathematical calculation that is done by experts on the termination of marriage, whether by divorce or by death. The result of the calculations determines the amount of money which will be payable by the spouse whose estate has grown the most during the marriage. If the spouses’ estates have grown by the same amount during the marriage, accrual calculation will render a zero result and no payment will be made by either spouse.
Now that you know what options you have available, mull over it with your significant other and choose one that best suits you. We wish you a long and happy marriage.
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