ThuthukaSA

Money Smart Women Marry ANC

Their home would have been sold in an auction,

if they did not sign an antenuptial contract (ANC). She consulted with ThuthukaSA early in the year and she was in panic mode. I sat there listening to her and this is a summary of her story:

When we were getting married almost 20 years ago, he insisted we sign an antenuptial contract. I wasn’t happy and my parents were very upset. He told my parents that this was very necessary and it was to protect our home, in case his businesses went under. That got my parents even more concerned but in the end, we agreed and he and I went to see a lawyer and we signed the ANC.

Things were going well until COVID-19. He had just bought another B&B and a new fleet of cars as he also operated a travel / tour guide business. We went from over R300 000 monthly income to nothing. By the end of 2022, the unpaid bills were so high we were getting summonses. I want you to help us save our home – we are married ANC and maybe I can qualify for a home loan and buy our home on my own.

We did a credit check and Tandi* had a good score and healthy credit record. Next we did a pre-qualification and yes, she qualified to buy the home in her own name. The home loan application was granted but she had to raise money for transfer and bond registration costs. So basically the ANC enabled her to buy her husband out of their home and they were able to save their home from a bank repossession. There was already an attachment order on their home but this was reversed after she was granted the home loan

As we are still in August and celebrating women, I wanted to share this with you because many women worry about marrying ANC. Tandi’s* story demonstrates that the contract could help in times of financial hardship. Read Chapter 15 entitled “Before you say “I do” in the book From Debt to Riches : Steps to Financial Success to gain some insight to the different types of marital regimes.

*Tandi is not her real name.

Our Women’s Month giveaway has been extended in line with Money Smart Week South Africa, and it will end 3 September 2023.

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