Think you’ve met ‘The One’ and want to tie the knot? Here’s what you need to know about keeping your money and assets safe
Dating apps and websites are now fairly commonplace and used by an estimated 323 million people globally, with this number rising steadily. But when the documentary Tinder Swindler was released on Netflix in February this year, it reminded everyone, but especially women, that we need to exercise extreme caution when it comes to who we allow access to our hearts … and our bank accounts! And this doesn’t just go for who we casually date, but with whom we decide to tie the knot, too.
Love local
There’s a saying that ‘love is blind’. In reality, this intense emotion makes many of us who are under its spell blind, either temporarily or for the long term. This is probably why, according to Statistics SA, four out of every 10 marriages in Mzansi end in divorce before their 10th anniversary. Globally, divorce continues to be on the rise, as is the trend of couples not marrying at all. While we still live in a patriarchal society, there have been huge legislative changes made over the decades to ensure that women are protected. Up until the 1980s, most wedded women in SA were responsible for child-rearing and housekeeping, working only part-time, if at all. This meant that they were excluded from the workforce and not able to earn their own income. The result was that a number of women stayed in unhappy, abusive marriages as they didn’t have the means to support themselves and their children should they walk out.
Enter the South African marriage laws. They’re currently undergoing a major, modern overhaul and will be in effect as of March 2023. In the Department of Home Affairs 2021/2022 annual performance plan, they stated that: ‘The new Marriage Act will enable South Africans of different sexual orientation, religious and cultural persuasions to conclude legal marriages that will accord with the doctrine of equality, non-discrimination and human dignity as encapsulated in the Constitution of the Republic of South Africa.’ To achieve this, they will be bringing together the current Marriage Act, the Recognition of Customary Marriages and the Civil Union Act as well as filling any remaining gaps so that the legislation is inclusive.
Doing it differently
In our country, if there’s no contract in place, the default marriage is one that is in community of property. This is to protect women who have stayed home to raise children and have not received formal income. What it means is that, should there be a breakdown of the relationship, each party is entitled to 50% of all assets. For a lot of couples, the idea of having to split everything in half in the event of a break-up seems messy. And that’s because it often is! This is why it’s always advisable to consult with a lawyer and draw up a prenuptial agreement. A prenup is a contract between the engaged parties that stipulates the ownership and division of assets in the event of a divorce. A popular option in SA is for people to get married out of community of property with accrual. What this means is that what you bring to the marriage remains yours, and vice versa – if you get divorced, everything you acquire after your union is split 50/50 so that you walk away with what you came in with.
Another option is to separate your assets – both those acquired prior to and after marriage – altogether. This option requires more extensive paperwork so it’s best to enlist the help of a family- or matrimonial lawyer. This way, you can come up with an agreement that both you and your partner are comfortable with. In any scenario, it’s a good idea to contact a marriage professional to get a full understanding of your, and your partner’s, rights. Not signing ‘unromantic’ paperwork to show how much you trust your other half is negligent as it can leave you, and your money, vulnerable.
Words by Helen Wallace
Photo by Tima Miroshnichenko: On Pexels
