As Notaries Public (special additional qualification an attorney can study for and qualify) we are qualified to advise on and sign Antenuptial Contracts (ANC) with couples before they get married.
Sharing debts
While most people seem to know that not registering an ANC means that you will be married in community and will share everything, many do not know that that also means sharing debts. This is particularly important if one or both of you are in business, either a sole proprietorship or with a company or close corporation.
Most businesses interact with a bank or other financial institution and often buy cars, sign cellphone contracts and deal with supplier and customer contracts and landlords for leased premises.
Often a personal guarantee or suretyship will need to be given to secure a payment, or lease rental.
Marriage
For someone married in community of property, this means that the husband or wife is equally liable to pay the debt if the business does not, even to the extent of your joint home having to be sold or auctioned to pay the debt.
The lesson is simple - make sure you understand the risk involved in a marriage in community of property as well as all risks involved for both you and your spouse when signing a personal guarantee or suretyship.