Buying my 1st house/self employed/advice please

[Captain Fastbastard Mayhem]

I think most people who are self employed are married that way, Its just safer

 

Hope you don't mean it's safer to marry in COP vs ANC.

 

Cos if you do, then you couldn't be more wrong. In COP all assets are shared 100%. So if a business fails or incurs massive debt for which the members are liable, the creditors can come after the spouse as well. Safest way to marry for a business person is with an ante-nuptial contract (ANC) as there the assets stay separate in their entirety.

[Wayne Potgieter]

Hope you don't mean it's safer to marry in COP vs ANC.

 

Cos if you do, then you couldn't be more wrong. In COP all assets are shared 100%. So if a business fails or incurs massive debt for which the members are liable, the creditors can come after the spouse as well. Safest way to marry for a business person is with an ante-nuptial contract (ANC) as there the assets stay separate in their entirety.

Yep.

 

I got married at 24, with zero assets and no aspirations to run a business.

 

I didnt know better.

 

Hence i would rather have married ANC - only to protect my wife and kids.

[LazyTrailRider]

I'm pretty sure Madvics agreed with my statement that ANC is safer

Edited August 7, 2013 by MH for short

[Captain Fastbastard Mayhem]

Yep.

 

I got married at 24, with zero assets and no aspirations to run a business.

 

I didnt know better.

 

Hence i would rather have married ANC - only to protect my wife and kids.

 

You can convert to ANC. I think it costs about 20k or so, so it's not cheap but in the grand scheme of things it may be worth it. Especially considering the downside would be FAR more than 20k. Not to mention the difference Ito the time it takes to wind things up.

[Wayne Potgieter]

You can convert to ANC. I think it costs about 20k or so, so it's not cheap but in the grand scheme of things it may be worth it. Especially considering the downside would be FAR more than 20k. Not to mention the difference Ito the time it takes to wind things up.

Thanks...I did not know this.

 

WHo would you approach regarding this?

[Captain Fastbastard Mayhem]

Any marriage lawyer worth their salt. But it does take a while to do it.

[Wayne Potgieter]

Any marriage lawyer worth their salt. But it does take a while to do it.

Thanks dude.

 

Now that wifey has started her own business as well, i think this would be a great step to take.

 

Will chat with her tonight.

[Captain Fastbastard Mayhem]

And as for who, your accountant / business lawyer should know a few people. They generally move in the same circles.

[Sportsworld.co.za]

Thanks dude.

 

Now that wifey has started her own business as well, i think this would be a great step to take.

 

Will chat with her tonight.

 

Hi, You also have to check the type of ANC agreement. You can have ANC non-accrual, so you will always have a seperation of assets and liabilities; or you can have ANC with-accrual, in that, what you brought into the agreement (marriage) is your own, but anything earned by both parties afterwards is 'joint'.

 

As far as I remember, (I stand to be corrected but I think I'm right) to change your marriage status you're going to have to officially get divorced and then remarried, otherwise it's a civil contract which can be both good or bad depending on who draws up the agreement.

[madvics]

Sorry guys my mistake, I meant ANC, I am married ANC with accrual.

[Captain Fastbastard Mayhem]

Sorry guys my mistake, I meant ANC, I am married ANC with accrual.

 

SJOE. Thought we'd have to call in the loopy police...

[madvics]

SJOE. Thought we'd have to call in the loopy police...

Almost!!!

[KENDA]

As far as I remember, (I stand to be corrected but I think I'm right) to change your marriage status you're going to have to officially get divorced and then remarried, otherwise it's a civil contract which can be both good or bad depending on who draws up the agreement.

 

I know someone who recently changed their marriage contract, set them back R 30K and was a hell of a mission..... Best thing is just to do it right the first time round : ) If you going to go through all the effort of getting divorced, you may as well stay divorced then

[Servetus]

Hi, You also have to check the type of ANC agreement. You can have ANC non-accrual, so you will always have a seperation of assets and liabilities; or you can have ANC with-accrual, in that, what you brought into the agreement (marriage) is your own, but anything earned by both parties afterwards is 'joint'.

 

As far as I remember, (I stand to be corrected but I think I'm right) to change your marriage status you're going to have to officially get divorced and then remarried, otherwise it's a civil contract which can be both good or bad depending on who draws up the agreement.

 

You don't have to get divorced, but you have to apply to court to change your marital status and you have to advertise your intention in the government Gazette and to all your creditors beforehand.

 

In previous generations there was no way to change your marital status and people tried to circumvent it by divorcing and remarrying.