Definitions

  • What is an asset
  • It is an item of property with a value. For example a house, a car, pension fund, investment accounts
  • What is a liability
  • Any debt incurred to buy assets. For example a mortgage bond, a motor vehicle loan, a credit card
  • What is my estate
  • Every person has an estate, no matter how big or how small. Your estate consists of the value of any assets you own minus the value of the liabilities you have. 
  • Example:
  •  if you have R20 000.00 worth of savings and a car with the value of R200 000.00, then you have R220 000 worth of assets. If you have a credit card debt of R5000 and an outstanding loan of R150 000.00 on your car, then you have R155 000 worth of liabilities.  R220 000 – R155000 =                 R  65 000 – Value of your estate
  •  By definition a marriage dissolves when it comes to an end. A marriage legally comes to an end by the death of one/both spouses or by a divorce
  • You have a choice of 3 marital regimes. Click here for the definitions and explanations:
  •  in community of property
  • out of community of property
  • out of community of property with accrual