Personal Matters

Business & Legal Documents community of property (MICP) whereby their estates become one and they share profits and losses. On dissolution of the marriage by death or divorce each party is entitled to an equal share of the net estate. The opposite result can be agreed to by entering into a pre-marriage or antenuptial contract. Certain requirements must be complied with in entering into an antenuptial contract. It can only be entered into before a Notary Public before the marriage and it must thereafter be registered in a deeds registry by the Notary Public within three months after its execution. The Notary Public will provide the appropriate contract after consulting with the parties. There are two types of antenuptial contract. Section 2 of the Matrimonial Property Act 88 of 1984 provides that every antenuptial contract entered into after 1 November 1984 is subject to the accrual system except in so far as that system is expressly excluded by the antenuptial contract. The accrual system amounts to a deferred community of gains. On dissolution of the marriage the net increases of each estate are added up and divided equally. There is therefore a pooling of accruals. The form provided is a simple contract which can be expanded upon by the parties in consultation with the Notary Public.