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Getting hitched? Here's why you should seriously consider signing a prenup

10 May 2022 3:01 PM
Tags:
Marriage
prenup
antenuptial agreement

Zain Johnson speaks to attorney Louwrens Koen about the benefits of signing a prenuptial contract before getting married.
  • With half of all marriages ending in divorce, attorney Louwrens Koen says couples thinking of tying the knot should consider signing a prenuptial contract.

  • David and Victoria Beckham's son Brooklyn is said to have signed 'the mother of all prenups' ahead of marrying Nicola Peltz last month.


© olgasab/123rf.com

When Brooklyn Beckham married Nicola Peltz in a star-studded $3 million ceremony in the US last month, the pair presumably swore to 'have and to hold til death do us part'.

But with half of all marriages in the US ending in divorce, it seems the couple isn't taking any chances when it comes to their cash.

Prior to walking down the aisle, the pair is said to have signed 'the mother of all prenups'.

Brooklyn is the son of singer and designer Victoria Beckham and football star David Beckham who have amassed a combined net worth of approximately $450 million.

But that's nothing compared to the $1.7 billion fortune of his in-laws, Nicola's parents, billionaire businessman Nelson Peltz and model Claudia Heffner.

But what about those of us who don't enjoy extraordinary wealth, should we also be signing prenups before saying 'I do'?

CapeTalk's Zain Johnson spoke to attorney Louwrens Koen on the pros and cons of a prenup.

He explains that without a pre-marital contract, parties are automatically married in community of property, in other words, what's mine is yours.

Being married in community of property brings about all manner of risks.

Louwrens Koen, Attorney and founder of antenuptialcontracts.co.za

Koen explains that being married in married in community exposes you to the debts and business risks of your spouse.

Similarly, upon the death of one spouse, the joint estate of the couple must be administrated or 'wound up', this potentially causes problems for the surviving partner.

So, you'll sit with a spouse who needs to be able to access funds but is cut off, because of the winding-up process.

Louwrens Koen, Attorney and founder of antenuptialcontracts.co.za

So, who among us ought to sign a prenup before getting hitched?

Anyone getting married should seriously consider getting an antenuptial contract.

Louwrens Koen, Attorney and founder of antenuptialcontracts.co.za

If they want to start the marriage on a solid basis, they need to have this discussion.

Louwrens Koen, Attorney and founder of antenuptialcontracts.co.za

Koen says these types of contracts are not just for the very wealthy and they don't preclude the fair division of assets after the end of the marriage.

You can still have the benefits of sharing assets after marriage, but it's more controlled.

Louwrens Koen, Attorney and founder of antenuptialcontracts.co.za

The parties must think of this as a pragmatic approach going forward.

Louwrens Koen, Attorney and founder of antenuptialcontracts.co.za

RELATED: SA govt considers new marriage law that recognises women with multiple husbands




10 May 2022 3:01 PM
Tags:
Marriage
prenup
antenuptial agreement

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