A tale of property, perseverance, and legal triumph: When an ex-wife's decades of mortgage payments trumped a stepmother's claim, the courtroom became the ultimate arbiter of ownership and favoured the deceased's children. Stepmother discovered that decades of mortgage payments speak louder than marriage certificates.
Are you and your spouse worried about shared financial risks or debts in your marriage? Many couples in South Africa don’t realise the consequences of being married in community of property until it’s too late. Whether it’s to protect assets, start a business, or avoid financial pitfalls, changing your marital regime to out of community of property could safeguard your future.
When one party is attempting to hide assets, a liquidator’s expertise is invaluable. They have the skills and resources to trace concealed assets, including offshore accounts or undervalued property.
While registration of customary marriages with Home Affairs is encouraged to formalise the union and ensure legal recognition, the absence of registration does not negate the validity of the marriage.
One significant drawback of marriage in community of property is the shared financial liability. In this marital arrangement, both spouses become jointly responsible for each other's debts, potentially exposing one partner to unforeseen financial risks stemming from the actions or obligations of the other.
If the marriage ends in divorce or one spouse faces insolvency, the communal property must be divided equally between both partners. This can lead to the unintended consequences of having to part with hard-earned assets, even those owned before the marriage.