Marriage Contracts Explained
An ANC stipulates which marriage system will apply to the prospective marriage, and therefore how the patrimonial consequences will be regulated.
In South Africa there are various options:
1. Marriage In Community of Property
This regime will apply if parties fail to register an ANC before the date of the marriage. This system will cause the parties to share equally in all assets and liabilities, despite their contributions. Both parties need to consent to the other’s contractual affairs and both are liable in case of insolvency and both share a bad credit record. If the marriage be terminated, the parties will share all assets and liabilities on a 50/50 basis.
