Question posted in the Divorce Law category relating to Gauteng
Good day ,
I would like to know to what amount I will be entitled to based on a ANC with accrual.
Facts
- I married my wife January 2005 with a ANC with accrual . The normal gifts , donations , inheritance and pension funds excluded.
- My nett asset worth was R 520 000.00
- Her's was R 135 000.00
- I lost my job in 2012 and had to sell all my assets to contribute to the household.
- My current nett assets stands at minus R180 000.00 mainly credit cards and overdrafts.
- I am only employed part time and can not contribute to the house hold.
- My son from my previous marriage lives with us.
- I don't have any access to my wife's financial records but estimate her net worth at approx R700 000.00 including fixed property , vechicles , saving accounts and shares.
Kind regards
Pieter Goosen
Message from the Attorney
Hi there Pieter and thank you for your question,
I'm sorry to hear about your situation at present.
The first step is to work out the accrual in your estate. Based on a starting value of R520k and a ending value of (-)R180k, there has been NIL growth in your estate.
Step 2 is to work out the accrual in your wife's estate. Based on a starting value of R135k and an ending value of R700k, her estate has grown by R565k.
Step 3 is to subtract from your wife's accrual your accrual. R565k minus NIL (because you can't subtract negative growth) = R565k
You would, on divorce, then be entitled to a claim of 50% of the growth in your wife's estate of R565k, which would be R282,500.
You would then be able to use that R282,500 to settle some of your R180k debt, or you could do whatever you wanted with the money.
The fact that you've lost your job and needed to sell your assets really just means that your estate has NOT experienced a growth during the course of the marriage.
Hopefully the above information is able to assist you in finalising your divorce.
If there is a part of the answer which you need more advice on, or clarity please continue in this same thread instead of opening a new question.
Att. Patrick
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