Who Needs a Prenup? & Online prenups in South Africa

Law, Lawyer / Tuesday, September 8th, 2020

Who Requires a Prenup?

Though obtaining a prenuptial agreement probably isn’t an awful idea from a legal standpoint if you’re the only real breadwinner or more earner of the relationship, there are some cases where a person should absolutely consider getting one. Consult an adviser that is well-versed in family law. In case the difference in income and assets between spouses is marginal, discussing a prenup may not be worth the emotional strain that’s bound that occurs. However, if that difference is significant, or if one spouse is bringing extra circumstances to the marriage, a prenuptial agreement may be strongly suggested.

Here are some issues to consider when thinking about a prenuptial agreement:

Step Children: When you have children from a previous marriage or relationship and you simply want those to inherit some or all of your estate as opposed to your spouse, you might include that in your prenup.

Asset Differential: Even though you and your spouse-to-be have similarly valued assets and net worth, you may still want to keep them separate from each other to avoid a messy potential divorce.

BUSINESS PROPRIETOR: Entrepreneurs or whoever has equity in their business may choose to protect their interests from exes and their divorce lawyers.
Dependents: In addition to children, if you have anyone who you’re looking after like a parent or relative, you might desire a prenup as well.

Debt: If your partner has a mountain of debt-strapped to their name, you don’t want any of that on your tab if you guys ever split.

Exactly what is a Prenuptial Agreement?

A Prenuptial Agreement is a contract that you as well as your husband to be or wife create prior to becoming legally married. It is employed to create out the existing and future financial tasks of every partner in the event the couple separates, divorces, or one partner dies.

For those who want to safeguard themselves but who will not be legally married, a Cohabitation Agreement (sometimes called a Common Law Partner Agreement) can serve as a solution.

Exactly what does a Prenuptial Agreement cover?

Prenuptial Agreements generally cover any and all financial matters. This includes division of properties, income, businesses, investments, inheritances, and other similar assets.

Typically, Online prenups in South Africa also cover the division of joint debt (for instance, debt that accrued from a joint credit-based card) and areas of alimony (also called spousal support).

A prenup cannot include conditions regarding infant custody, child visitation, or child support for existing or future children.

Who should use a Prenuptial Agreement?

Most engaged couples would reap the benefits of making a Prenuptial Agreement before engaged and getting married. However, it is especially recommended if you:

Have children from a previous relationship
Have personal assets that you intend to separate from any assets you tell your future spouse
Would like to protect an individual inheritance, business, or investment
Would like to avoid any conflict or confusion in case of a divorce, separation, or the passage of your spouse
Can same sex couples use diylegal’s Prenuptial Agreement?
A Prenuptial Agreement can be used by any engaged couple who is able to legally marry in america. Gay marriage is recognized in all states.

diylegal’s Prenuptial Agreement allows both parties in the document to list themselves as same sex or male and female.

What’s the difference between separate and shared property in a prenup?

A prenup typically clarifies which assets are considered separate or shared.

Separate property (sometimes called separate assets) is property owned by one partner, whereas shared property (sometimes called shared assets) is property owned by both you and your husband to be or wife.

Generally, property purchased following a couple marries is known as shared property.

If the partnership ends, separate assets are retained by the partner that owns them and shared assets are divided in accordance with the terms of the Prenuptial Agreement or state law.