The Importance of an Antenuptial Contract

By FJ Snijman - He writes about divorce, electronics, passive income, chess, ZX14R, local SEO, and small businesses |

Yesterday I received a call from a lady who wants to open a sole proprietor business. However, she is married in a community of property and was concerned that the sole proprietorship will not safeguard her husband's estate from any creditors in the business. A sole proprietorship is not a separate legal entity, and your personal assets are not protected if you trade, for example, as John Jones trading as Wollies Fruit and Veg.

It is of utmost importance that parties who are planning on getting married sign an antenuptial contract before the wedding date to ensure that their respective estates are protected. If you are married in a community of property, it is advisable to seek legal advice regarding commercial matters, as the wrong decision could potentially result in devastating consequences for you and your spouse.

When signing an antenuptial contract, it is not a sign that you don’t believe in the success of your marriage; it is a commercially sound decision safeguarding one another.

FAQs

• What is an antenuptial contract? - It is a legal contract signed before marriage to protect each spouse’s assets.
• Why should entrepreneurs consider an antenuptial contract? - To safeguard personal assets from business liabilities.
• Can an antenuptial contract be signed after marriage? - No, it must be signed before marriage.
• Is an antenuptial contract expensive? - Costs vary, but it is a worthwhile investment for financial security.
• Where can I get an antenuptial contract? - Consult a legal professional or attorney specializing in marital contracts.