Engaged couples should consider the terms of their marriage very carefully before deciding on what would be best for them.It is not like before and there are options out there that could suit your specific needs better.
Always seek professional legal advice in these matters and don’t just do what you think is expected of you.It could have far reaching effects in the future.
One of the options is to get married in community of property.This is one of the oldest forms of marriage and means that no ante nuptial contract was entered into.The basic principals are that each spouse is equal in the marriage and have equal administrative powers.Upon dissolution of the marriage,through death or divorce,the assets would be divided equally between the two parties.This sounds pretty good but there is a downside, both parties are responsible for debt incurred by either spouse.This means that even the “innocent” spouse can lose everything if creditors need payment.Before 1984 this was basically your only option.That is not to say it is a bad option,this may be just the setup you are looking for.
Then you have the option to get married out of community of property.This is when an ante nuptial contract is entered into.It will usually state that their is no joint estate and that each spouse retains control and ownership of whatever assets they enter the marriage with.Upon dissolution of the marriage they will be entitled to only the assets they themselves had and acquired.Also the assets of each spouse are independent and protected from the others creditors.This is good as it means a couple wont lose everything in the event of one partners insolvency.
Then you get a clause in an out of community of property marriage called “with accrual “.This means that any assets or growth by either or both party’s estates is to be shared equally between both parties upon dissolution of the marriage.This is good because if one partner was unemployed during the marriage they will also receive more than what they entered into the marriage with,such as a stay at home mother.
So consider the options carefully and get that all important legal advice,it can only benefit all in the long run.
