Marriage Contract

I signed an ANC (with accrual) for the following two reasons:

With COP:
1. If one partner becomes broke (insolvent) both of you lose everything.
2. If one partner dies, the whole estate is ‘frozen’ until the executors (eg lawyers) work out everything. The living partner has no access to money until this is sorted out. This could take a very long time.

I'm not ever going to get divorced but if I die I don't want my wife to battle to make ends meet while the executors drag their feet.
It happened to someone I know and they had to rely on family to make ends meet for 6 months.
So for me it's about protecting the interests of my wife - not a way to "get out easily".
 
Paul_S said:
I signed an ANC (with accrual) for the following two reasons:

With COP:
1. If one partner becomes broke (insolvent) both of you lose everything.
2. If one partner dies, the whole estate is ‘frozen’ until the executors (eg lawyers) work out everything. The living partner has no access to money until this is sorted out. This could take a very long time.

I'm not ever going to get divorced but if I die I don't want my wife to battle to make ends meet while the executors drag their feet.
It happened to someone I know and they had to rely on family to make ends meet for 6 months.
So for me it's about protecting the interests of my wife - not a way to "get out easily".
Click to expand...

AFAIK, if you are married in COP and you die, your wife can still access her own bank account if she has one in her own name. In this day and age, who does not have their own bank account ?
 
blunomore said:
AFAIK, if you are married in COP and you die, your wife can still access her own bank account if she has one in her own name. In this day and age, who does not have their own bank account ?
Click to expand...

Oh, I thought the estate would include all bank accounts for both parties.
 
Paul_S said:
Oh, I thought the estate would include all bank accounts for both parties.
Click to expand...

AFAIK the bank will freeze all accounts held in the name of the deceased.

Another tactic a lot of people use is to take out insurance and name their spouse as beneficiary. Upon their death, the proceeds of the policy goes directly to the surviving spouse and does not fall into the deceased estate, thus the surviving spouse has no problem accessing money.
 
ponder said:
It's pretty simple. What hers is hers and what yours is hers and when you get divorced it's all hers, you will have to keep on working while living in a shack to support the lifestyle you provided for during marriage. That's about as simple as it gets. I know a few guys living like that at the moment.
Click to expand...
Alimony has nothing to do with the type of marriage contract the couple shared...
 
Paul_S said:
Oh, I thought the estate would include all bank accounts for both parties.
Click to expand...
No, bank accounts of the surviving spouse remain open. Also in our country the law doesn't really allow for joint accounts as is the case in other countries.
 
I'm about as old school as they come and I even did an anti-nuptual contract. Its really important not just for in case there is a divorce but in case you ever open a business and have creditors come after you in your personal capacity. Once you marry without one and want to change it it requires a massive legal process involving the high court so for business reasons alone just do it to protect your house down the line from personal liability.
 
I find it interesting that people fall head over heels in love with someone, but when the romance turns sour for whatever reason, all they care about is protecting their money and assets, or getting their hands on their (former) spouse's moolah.

Was that ever love to begin with?
 
Are there any arguments for not having a pre nup other than ":love:I wuv you so very much":love:?
 
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