When couples decide to marry, they can choose their marital property regime: to marry in community of property or out of community of property, with or without the accrual system.
However, it’s not uncommon for individuals to be inadequately informed or not in the best position to make this decision at the time of their marriage. They might realize after further research that the property system they selected does not best suit their needs.
In situations like these, a Section 21 Application provides a legal avenue for amending the initial choice of property regime.
Where and How
Under Section 21 of the Matrimonial Property Act of 1984 (Act No. 88), spouses wishing to alter their matrimonial property regime have the option to approach a court. This can involve modifying the terms of their existing Ante-Nuptial Contract or changing their matrimonial property system entirely.
To achieve this, it is advisable for the parties involved to engage an attorney. A knowledgeable attorney can provide the necessary guidance and support throughout the application process, ensuring adherence to specific legal procedures required for the application’s approval.
The Processes
For a Section 21 Application, there are specific steps that must be followed. This includes informing creditors about the proposed changes, allowing them the chance to object if desired. Additionally, the intention to amend must be announced in the Government Gazette, and a report concerning the application needs to be prepared by the Deeds Office, among other requirements.
It’s crucial to understand that the potential impact on existing creditors is a significant consideration in these applications. Amendments are often structured to avoid adversely affecting these creditors. For detailed guidance on how changes might impact your creditors and to navigate the amendment of your matrimonial property system effectively, consulting with your attorney is recommended. They will provide expert advice tailored to your situation.
Final Thoughts
Should you be considering a change to your matrimonial property system, or if you’re unsure about the distinctions among various matrimonial property systems, please don’t hesitate to get in touch with us. We’re here to help with the intricacies of filing such an application or to provide counsel on the nuances of different matrimonial property systems.