Yes, most of us want the conventional “happily ever after”, but reality doesn’t always play.
MARRIAGE IN COMMUNITY OF PROPERTY
This type of marriage normally means what is yours is ours, what is mine is ours and what is ours is ours, all jointly. This includes debt incurred while you are married – and even debt before you were married.
When parties are married in community of property, their individual assets and liabilities are joined together in one estate, and if the marriage is dissolved through death or divorce, the surviving or divorced spouse is entitled to 50% of the joint estate – which includes assets and liabilities not acquired by that spouse
In effect, this means:
If one of you goes out and splurges with a credit card, both of you are liable for it. That expensive fishing rod, those fabulous shoes and the unforgettable boys/girls night on the card are 100% your responsibility to pay as well!
Even if a debt is incurred solely in your partner’s name while you are married, the creditor (bank) can also go after you for that debt.
If the love of your life has debt before marriage, you will also be liable for the full debt and debt repayment to the creditor.
When you can’t manage your debt repayments and apply for debt review, it must be a joint application, even if the spouse has little or no debt.
One of the most important things to remember about sexually transmitted debt is that being married IN community of property is the default marriage regime in South Africa
So unless you have an antenuptial contract (aka a prenup) in place when getting married by a licensed marriage officer (even if it is at Home Affairs), your marriage is considered to be in
community of property, and all of the above applies.
Financial STDs can hurt – even when you are not married. Just ask the woman who took out a loan to buy her boyfriend a car, and now has to pay the monthly instalment while he has left her high and dry – and his new bokkie is now in the passenger seat!
Everyone wants the fairy tale, but we should all take the time to consult with an attorney and/ or financial planner before we take the plunge. These days, it is vitally important that we discuss money in a relationship. In fact, I would suggest that you ask for a copy of your significant other’s credit record before you ask to meet their parents!
Love is blind. Don’t be a victim of sexually transmitted debt. There is no ointment to cure that painful condition!
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