When it comes to customary marriage and community of property, it’s crucial to understand how this matrimonial property regime functions. It begins on the day of the customary marriage and persists until a divorce decree, one partner’s death, or a post-nuptial agreement changes the regime.
In this setup, any assets or liabilities gained by either party during the union are amalgamated into a joint estate. The title deed’s name becomes inconsequential as both spouses gain equal ownership of all properties acquired during the marriage, irrespective of who bought or financed them. Likewise, debts taken during this marriage period will be equally shared.
While many assets fall under this joint umbrella, there are exceptions. Some assets, like inheritances or gifts specifically meant for one partner, remain outside the community estate. Management-wise, both partners have an equal say. But for significant decisions, such as selling an asset, written consent from both is mandatory.
Lastly, the financial implications of this regime can’t be overstated. If a divorce occurs, the assets are evenly split, which might profoundly influence both parties’ economic stances. And remember, liabilities acquired during the marriage bind both, regardless of who accrued them. Know the implications and intricacies before entering a customary marriage in community of property.
Read more on Customary Marriage