Matrimonial Property Act 88 of 1984 … Questions and answers:
What is the Matrimonial Property Act?
Matrimonial property is property owned or obtained by either or both married spouses before or during their marriage. It is sometimes called ‘matrimonial assets.’ Matrimonial property includes the matrimonial home – the home that the couple lived in during their marriage.
What is the Purpose of the Matrimonial Property Act?
To amend the marriage and matrimonial property law with regard to certain marriages; and to provide for matters connected therewith
Is Inheritance part of Community Property?
Generally, inheritances are not subject to equitable distribution because, by law, inheritances are not considered marital property. Instead, inheritances are treated as separate property belonging to the person who received the inheritance, and therefore may not be divided between the parties in a divorce
How is Matrimonial Property Divided?
Matrimonial property is generally divided equally between the spouses after the marriage ends. … This includes property either spouse acquired before the marriage, or property that a spouse inherits or receives as a gift during the marriage.
What happens to Community Property when one Spouce dies?
At the death of one spouse, his or her half of the community property goes to the surviving spouse unless there is a valid will that directs otherwise. Married people can still own separate property. For example, property inherited by just one spouse belongs to that spouse alone
A Will – Married in Community of Property?
Marriage in Community of Property. Being married in community of property basically means that all the assets and debts from before the marriage are shared in a joint estate between both spouses. Any assets, debts and liabilities acquired by either spouse after their marriage will then also added to this joint estate
Can You change a Joint Will?
Most joint wills also contains a provision stating that neither spouse can change or revoke the will alone—which means that the will can’t be changed after the first spouse dies. … But a joint will is really a binding legal contract, which cannot be revoked or changed after one spouse has died