One of the many reasons that people may need an accountant is to assist with ante nuptial contracts and community of property negotiations. The ‘half is yours, half is mine’ form of marriage is a popular approach to nuptials; however both parties should always ensure that they understand the advantages and disadvantages of choosing this marriage regime.
If an ante nuptial contract is not signed before the marriage, the marriage will automatically be in community of property. Once you are married, you will have only one joint estate. This means that all of your mutual assets will be thrown into one pool, with nothing outside this pool. This is one way of obtaining assets (or debts) without working for them.
Even though you may have your own bank accounts in your own names, there is no such thing as lending money to one another and giving it back. Everything your partner earns is yours and vice versa. All loans are in both of your names, and couples married in community manage the joint estate together. Therefore, taxpayers who are married in community of property are taxed on half of their own interest, dividend, rental income and capital gain, and half of their spouse’s interest, dividend, rental income and capital gain, regardless of in whose name the asset is registered (except for assets excluded from the joint estate). All other taxable income is taxed only in the hands of the spouse who receives that income.
