What is marital status ANC?

An antenuptial contract or ANC means that you are married out of community of property. The law recognizes you as two separate entities. There are two types of ANC contracts: Antenuptial contract without accrual.

How are Assets excluded in the ANC in a marriage?

If no assets are excluded in the ANC, the value of each party’s estate at the commencement of the marriage is deemed to be nil. Accrual is a way to ensure that both spouses in a marriage gain a fair share of the estate once the marriage comes to an end.

When does ANC apply to marriage out of community of property?

The accrual system does not apply automatically to all marriages out of community of property. For the accrual system to apply, the ANC must be drafted in a certain way. The accrual system incorporates a calculation that is applied when the marriage is dissolved by divorce.

When to share in the accrual of a marriage?

The larger estate must then transfer half of the difference to the smaller estate. Putting it another way, the smaller estate must claim for an amount equal to half of the difference between the accruals of the respective estates. The right to share in the accrual only commences upon dissolution of the marriage by divorce.

When was the accrual system introduced for marriage out of community of property?

If a couple wished to be married out of community of property before the accrual system was introduced in 1984, then the assets they built up between them during the marriage were not shared. The accrual system served to remedy this and has now become applicable to all marriages out of community of property.

What happens if there is no accrual system in marriage?

If there is no accrual system, then the spouses have their own estates which contain property and debts acquired prior to and during the marriage – nothing is shared.