So you and your partner have decided to tie the knot. You’re both wealthy individuals who enjoy keeping the information regarding your personal wealth private. The problem you have is that if you register an ante nuptial contract in the Deeds Office the way many people do, this contract will be a public document.
There is a solution to this problem which will allow you to keep your current financial position private. The way to do this is to declare your nett commencement values of both your estates by executing a statement in terms of Section 6(1) of the Matrimonial Property Act 88 of 1984.
In order to be compliant with Section 6(1) of the Matrimonial Property Act 88 of 1984, the following requirements need to be fulfilled:
- Your ante nuptial contract has to be executed and registered at the Deeds Office.
- Your Section 6(1) declarative statement must be executed either before your marriage or within six months of the commencement of your marriage.
- The statement must be signed by both parties.
- This statement must also be attested by a notary. The statement can be executed before the same notary ho executed your ante nuptial contract or by a different notary.
By doing this your nett worth will remain private as it is not lodged and registered at the Deeds Office but will be filed in the protocol of your notary before whom your ante nuptial contract was executed.
Failure to properly execute your Section 6(1) statement will result in you having a nett value of R0.00 and will have serious consequences at dissolution of the marriage. It’s in your best interests to consult with Simonne Nurse Attorneys to make sure that your Section 6(1) statement is executed according to the provisions of the South African law. For any more info, get in touch with us.