S and N are engaged and have set the wedding date 2 December 2024. S is an engineer and N is a dentist, both are thinking of starting their own business/practice in the next 5 year... S and N are engaged and have set the wedding date 2 December 2024. S is an engineer and N is a dentist, both are thinking of starting their own business/practice in the next 5 years. They are now in the process of deciding how they want to get married and are leaning towards getting married in community of property. Why would you advise S and N against this specific matrimonial property system?
Understand the Problem
The question is asking for advice on why the couple S and N should reconsider getting married under the community of property system, particularly in the context of their individual business aspirations and potential responsibilities related to debts and asset division.
Answer
Both spouses are equally responsible for debts, impacting business loans.
It is advisable to caution S and N against marrying in community of property because both spouses will be equally responsible for debts incurred during the marriage. This could impact their ability to secure business loans independently.
Answer for screen readers
It is advisable to caution S and N against marrying in community of property because both spouses will be equally responsible for debts incurred during the marriage. This could impact their ability to secure business loans independently.
More Information
Being equally liable for each other's debts means if one partner accumulates debt through their business, the other could be financially affected. This could limit their entrepreneurial independence.
Tips
Ensure clarity on the implications of different matrimonial property systems before marriage.
Sources
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