Division of property, assets, and debts

FAQ for Division of property, assets, and debts

What is the legal process of dividing property, assets, and debts during a divorce in South Africa?

In South Africa, the legal process of dividing property, assets, and debts during a divorce is governed by the Matrimonial Property Act 88 of 1984. This Act determines how property and assets acquired during the marriage should be divided between the parties, while debts are apportioned according to who incurred them.

What is the difference between assets and property in the context of a divorce settlement?

Assets are any items of value that a party owns, such as investments, savings, and vehicles. Property, on the other hand, refers to any immovable assets such as houses, land, or buildings.

Who is entitled to what in a divorce settlement?

In South Africa, the parties are entitled to an equal share of the joint estate, which includes all assets and liabilities acquired during the marriage. However, in certain circumstances, the court may order a different division of the estate based on factors such as the duration of the marriage, the contribution of each party, and the needs of the children.

Can I keep all my assets if I have a prenuptial agreement?

A prenuptial agreement, also known as an antenuptial contract, is a legal agreement between spouses that sets out their respective rights and obligations in the event of divorce. If you have a prenuptial agreement, it may specify how property and assets should be divided, but it must comply with the Matrimonial Property Act.

How is debt divided in a divorce settlement?

Debts acquired during the marriage are apportioned according to who incurred them. If both parties incurred the debt, they are jointly liable, and the court may order them to divide the debt equally. However, if one party incurred the debt without the knowledge or consent of the other, the court may order them to take responsibility for the debt.

What happens if my spouse hides assets or debts during the divorce process?

If your spouse hides assets or debts during the divorce process, it is considered fraud and is illegal. You can take legal action to retrieve the assets and hold your spouse accountable for their actions.

Family Lawyers in South Africa specialize in laws relating to family matters and domestic relations. They handle a broad range of cases, including marriage, divorce, child custody, adoption, and other family-related issues. Their practice is guided by legislation such as the Divorce Act 70 of 19791, the Children's Act 38 of 20052, and the Maintenance Act 99 of 19983. These lawyers provide legal advice, negotiate on behalf of clients, and represent them in court proceedings. They are regulated by the Legal Practice Council4.
Footnotes

1. Divorce Act 70 of 1979 ↩
2. Children's Act 38 of 2005 ↩
3. Maintenance Act 99 of 1998 ↩
4. Legal Practice Council ↩
   , Divorce lawyers in South Africa handle legal matters related to the dissolution of marriages and the associated legal issues such as spousal support, child custody, and division of assets. Divorce law in South Africa is primarily governed by the Divorce Act of 1979. This act provides the legal framework for divorce proceedings and the resolution of related matters. The Law Society of South Africa, along with its provincial branches, oversees and provides guidance to divorce lawyers. To find more information about divorce law and the Law Society of South Africa, you can visit the following links:
5. Divorce Act: https://www.justice.gov.za/legislation/acts/1979-070.pdf
6. Law Society of South Africa: https://www.lssa.org.za/