- Uptake of wills in Botswana said to be “dismally low”
- Out of Community does not mean planning to leave the marriage
GOSEGO MOTSUMI
While planning a wedding is understandably filled with excitement and anticipation, there’s more to consider than just the dress, the venue, and the guest list. For brides-to-be, there are crucial legal aspects that must be addressed before walking down the aisle.
Speaking at the “Miss to Mrs Bridal Experience” held at Protea Hotel in Gaborone over the weekend, attorney Wame Thanke of Thanke & Partners associated with David Newman and attorney Pusetso Olsen of Olsen Legal discussed the legal intricacies that brides should be aware of before saying “I do.”
Know your partner
Thanke emphasised the need to fully understand who your partner is, in both identity and financial matters, before you commit to a lifetime with him. “You need to know who that guy is,” she said, stressing that understanding your partner’s financial standing is key to making informed decisions about marriage regimes.
The choice between getting married in community of property or out of community of property can significantly impact your future. When married in community of property, both partners share all assets and debts.
This means any financial missteps or debts your partner may have become yours, too. “Be a detective,” Thanke urged, encouraging brides to ask tough financial questions and request ITC clearance to check for any hidden debts.
Wills, trusts and guardianship
Olsen touched on the importance of wills and trusts. Marriage, she noted, is not just a lifelong contract but one that extends beyond life, making it essential to have a will in place.
For those entering blended families or with children outside of marriage, drafting a will becomes even more critical. “If I have a child out of wedlock, legally they cannot inherit from me unless I make provisions in a will,” Olsen stated.
Without a will, children from previous relationships may not be taken care of after a parent’s death.
Do Batswana write wills?
Unfortunately, as Thanke highlighted, the uptake of wills in Botswana is dismally low. Many people are unaware of their rights and the consequences of not having a will.
Make an asset inventory
Olsen stressed that the first step to writing a will is determining whether you are married in or out of community of property, making an inventory of your assets, and appointing an executor. She urged brides-to-be to take this vital step in securing their family’s future.
Another key issue that Thanke raised is the importance of guardianship. If both parents pass away, it is essential to have a plan for who will take care of the children.
While children’s biological parents automatically have guardianship rights, Thanke advised that you can outline your wishes in a will, appointing someone you trust to take guardianship of your children. “The best thing you can do for your child is to appoint someone you trust,” she said.
In or Out of Community
One of the most important legal decisions couples must make before marriage is whether to marry in community of property or out of community of property.
Thanke explained that marrying in community means that all assets and debts are shared equally. While this might seem romantic, it can have severe consequences, particularly if one partner’s business suffers losses.
Alternatively, out of community of property offers financial protection, especially for entrepreneurs, as it allows each partner to retain control over their individual assets and debts. However, some couples opt for a prenuptial agreement to ensure a fair split in the event of divorce.
Not cast in stone
“Out of community does not mean you are planning to leave the marriage; it’s about managing risk,” Thanke noted.
However, attorney Olsen added that marriage regimes are not set in stone. Married couples can change their marriage regime if they find that their initial decision no longer suits their financial circumstances. This flexibility allows couples to adjust as their needs evolve over time.
Marriage is a partnership that extends far beyond love and companionship; it is also a legal contract that can have significant implications on your financial future and the family’s wellbeing.
Before saying “I do,” it is therefore essential to have those difficult but necessary conversations about finances, wills, and guardianship.
As Olsen so aptly put it, “You’re contracting for a lifetime.” For that reason, make sure you enter that contract fully informed and prepared for whatever life may bring.