GETTING MARRIED – YOUR NETT VALUE CAN BE KEPT PRIVATE

Angela Baker and Stanton du Doit are both wealthy individuals but they enjoy maintaining an ordinary lifestyle. They consulted with a MHI notary who explained that their ante nuptial contract will be registered at the Deeds Office and will in effect be a public document. They enquired with their notary about whether there is an alternative option to keep their current financial position private. There is a solution to their problem; they can declare their nett commencement values of their respective estates by executing a statement in terms of section 6 (1) of the Matrimonial Property Act 88 of 1984.

Herewith are the necessary stipulations to comply with section 6 (1):

• Ante nuptial contract must be executed and registered at the Deeds Office
• The statement declaring their respective estates must be executed before the marriage is entered into or within 6 (six) months of the commencement of their marriage
• The statement must be signed by both parties
• The statement must be attested by a notary
• The statement can be executed before the same notary that executed their ante nuptial contract or it can be executed by a different notary

Angela and Stanton’s net commencement value remains private as the section 6 (1) statement is not lodged and registered at the Deeds Office but is filed in the protocol of their notary before whom their ante nuptial contract was executed.

It is best to consult with your MHI notary to ensure that your section 6 (1) statement is executed according to the provisions of our law as failure to properly execute same will mean that your nett commencement value is R 0 and can have grave consequences at dissolution of the marriage.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)