Asset Evaluation, Property Division Negotiation, Debt Resolution, and Legal Support
Marital property law in South Africa operates under the framework of matrimonial property regimes, which outline the distribution of property, assets, and debts in case of divorce. The division process can differ significantly based on whether the couple is married in community of property, out of community of property without accrual, or out of community of property with accrual, offering various advantages for each arrangement.
In South Africa, the legal process of dividing property, assets, and debts during a divorce is governed by the Matrimonial Property Act 88 of 1984. This Act determines how property and assets acquired during the marriage should be divided between the parties, while debts are apportioned according to who incurred them.
Assets are any items of value that a party owns, such as investments, savings, and vehicles. Property, on the other hand, refers to any immovable assets such as houses, land, or buildings.
In South Africa, the parties are entitled to an equal share of the joint estate, which includes all assets and liabilities acquired during the marriage. However, in certain circumstances, the court may order a different division of the estate based on factors such as the duration of the marriage, the contribution of each party, and the needs of the children.
A prenuptial agreement, also known as an antenuptial contract, is a legal agreement between spouses that sets out their respective rights and obligations in the event of divorce. If you have a prenuptial agreement, it may specify how property and assets should be divided, but it must comply with the Matrimonial Property Act.
Debts acquired during the marriage are apportioned according to who incurred them. If both parties incurred the debt, they are jointly liable, and the court may order them to divide the debt equally. However, if one party incurred the debt without the knowledge or consent of the other, the court may order them to take responsibility for the debt.
If your spouse hides assets or debts during the divorce process, it is considered fraud and is illegal. You can take legal action to retrieve the assets and hold your spouse accountable for their actions.
Click the 'Connect' button and fill in the easy to use form.
Wait to hear back from a verified and licensed lawyer or legal professional. They may need to contact you to get extra information.
Once you are happy with the quote and the expert we recommended to you then proceed. If not just let us know and we will put you in touch with another legal professional.