Deciding on a marital contract is important as it affects how you will be able to transact in the future. In South Africa we have three types of marital contracts.
In Community of Property
Getting married in community of property means that you will share everything. Your spouse automatically owns everything you do and you own everything your spouse does. This also means that you are responsible for their debt.
When it comes to estate planning, people that are married in community of property will pay more executors fees as the fee is levied on the total value of the estate.
The advantage is that income other than your employment income is
Antenuptial contract (ANC) without accrual
If you get married ANC without accrual, it means that whatever you own (assets and liabilities) remains yours and whatever your spouse owns (assets and liabilities) remains theirs. This applies to assets and liabilities attained prior to the marriage and for the duration of the marriage.
The advantage of getting married under an antenuptial contact is that your personal assets will always be protected.
Antenuptial contract with accrual
If you get married ANC with accrual, it means that whatever you own before marriage remains yours and whatever your spouse owns before marriage, remains theirs, you can specifically name assets that you wish to exclude from the contract so that it remains yours.
Everything you attain during marriage will then be shared between you and your spouse. Depending on the arrangement with the relevant institution and your ante-nuptial contract, you and your spouse may be jointly or separately liable for any debt incurred during marriage.
The advantage of this is that assets before the marriage is protected and everything that is built up together in the marriage is shared.